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Prices versus rationing: Marshallian surplus and mandatory water restrictions

Grafton, R. Quentin; Ward, Michael


We estimate an aggregate daily water demand for Sydney using rainfall, temperature, and price data for the period 1994-2005. The estimated demand is used to calculate the difference in Marshallian surplus between using the metered price of household water to regulate total consumption in Sydney versus mandatory water restrictions for the period 2004/2005. Using a choke price of $5.05/kL for outdoor water demand, equal to the levelised cost of supplying and storing rainwater in a household water...[Show more]

CollectionsANU Research Publications
Date published: 2007-10
Type: Working/Technical Paper
Source: The Economic Record
DOI: 10.1111/j.1475-4932.2008.00483.x


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