To make a real difference for our thirsty planet, we establish the water demand-supply model and the Advanced Water Poverty Index (AWPI). First, we develop a dynamic demand-supply model to measure the ability of a region to satisfy its water consumption. On the demand side, we fit agricultural and industrial water needs by the Grey Verhulst prediction model, then we consider domestic needs thro...

The term`resources' is used in many ways in different disciplines. For purposes of this paper, a resource is an essential input to the economic process. Resources may be material or immaterial (e.g. information) and material resources may be of natural origin or man-made. Services provided by nature (e.g. `assimilative capacity') are also sometimes called resources. However, in this paper, the ...

We provide a dynamic model of natural resource management where the optimal institutional structure that governs resource use changes with resource depletion. Copeland and Taylor (2009) analyze how characteristics of a natural resource determine whether its steady-state management regime is open access, communal property, or private property. We extend this and other studies of endogenous insti...

The “law of scarcity” is that scarceness is rewarded; recall, for example, the diamonds and water paradox. In this paper, furthering research initiated in Kelso and Crawford (1982, Econometrica 50, 1483-1504) for matching models, we demonstrate a law of scarcity for cores and approximate cores of games. ∗This research was partly undertaken when this author was in the IDEA Ph.D Program of the Au...

This paper proposes a theory of firm-induced scarcity in the early stages of a new product’s selling season. By restricting supply, the firm induces self-selection of customers who are likely to generate the most positive product reviews; this can be advantageous for the firm if, as suggested by existing empirical evidence, subsequent consumers do not appropriately account for the selection bia...