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英文文献：The Value of Heterogeneous Property Rights: The Costs of Water Volatility-异质产权的价值:水波动的成本
英文文献作者：Brent, Daniel A.
英文文献摘要：
The system of prior appropriation in the Western Unites States prioritizes property rights for water based on the establishment of beneficial use, creating a hierarchy where rights initiated first are more secure. I estimate the demand for secure water rights through their capitalization in agricultural property markets using spatially explicit water rights data in the Yakima River Basin, a major watershed in Washington State. The Yakima River watershed, like many Western watersheds, satisfies all water claims during an average year so the benefits of secure water rights stem from protection against water curtailment during drought years. Thus the relative value of secure property rights is a function of water supply volatility because the costs of droughts are predominantly born by those with weak rights. In a hedonic price model I find that farmers pay a premium of 9-12% for more secure water rights. I use Bayesian model averaging to deal with model uncertainty and the potential omitted variable bias prevalent in hedonic analysis. An endogenous change point model tests whether the premium on a senior right varies over time, potentially in response to expectations about climate change. The results fail to confirm that farmers’ expectations about future water supply volatility are manifested in agricultural water markets.
美国西部的优先分配制度以建立有益使用为基础，将水的产权置于优先地位，创造了一种优先权优先的等级制度。我利用华盛顿州主要流域雅基马河流域明确的水权数据，通过农业产权市场的资本化，估计了对安全水权的需求。亚基马河流域，像许多西部流域一样，在平均年份满足所有的用水要求，因此确保用水权的好处来自于防止干旱年份减少用水。因此，有保障的产权的相对价值是供水不稳定的一个函数，因为干旱的成本主要由权利薄弱的人承担。在享乐价格模型中，我发现农民为更安全的用水权支付了9-12%的溢价。我使用贝叶斯模型平均来处理模型的不确定性和享乐分析中普遍存在的潜在遗漏变量偏差。内生变化点模型测试高级权利的溢价是否会随着时间而变化，可能是对气候变化预期的反应。研究结果未能证实农民对未来供水波动性的预期在农业水市场上得到了体现。
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