Agricultural Water Trading Restrictions and Drought Resilience
研究了旨在减少地下水开采外部性的政策是否与干旱期间水交易相冲突，发现受限制的土地在政策实施后的干旱中价值相对下降34%，但在更严重的后期干旱中无差异。
Policies that seek to reduce groundwater open-access externalities may be in conflict with the facilitation of water trading during droughts. Using panel data on cropland values, we examine this interaction in the context of groundwater export restrictions. We find that land subject to restrictions experienced a relative decline of 34% ($2,057/acre, roughly half of foregone potential water sales revenue) during the drought immediately following implementation of the policies. During a later, more severe drought, there is no difference in value. Our empirical approach also provides novel estimates of the value of changes in groundwater stock. <i></i>