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• W244786253 abstract "The EU Framework Directive 60/2000 has introduced the concept of resource cost as an integral part of the decision making process in the sector of water resources exploitation and protection. Production and provision costs aside, the resource cost is associated to the idea of opportunity cost, that is, the cost of the foregone opportunities other alternative users must bear as a consequence of the choice of allocating the resource to a certain use. Marginal resource opportunity costs (MROC) represent the benefit foregone for having available one unit less of resource at a given time and location. As such, they are a function of system's configuration as well as of the relevant socio-economic water - related variables in the area. MROC evaluation relies upon the concept of opportunity cost as second best alternative foregone for making a choice and is hence based on the idea that they must be assessed starting from some equilibrium (optimal) maximum - efficiency allocation of water resources in the system. Maximum efficiency is usually related to the idea of achieving minimum variable costs, including scarcity costs. Scarcity costs reflect the economic losses caused by water unavailability and must be assessed by appropriate loss functions for different water uses (urban, irrigation, etc.). A unit perturbation in the availability of a given resources at a certain time generates a new equilibrium condition, quantified by the selected efficiency measure (total costs). The shift in the value of the objective function (cost minimization) divided by the value of the perturbation provides an assessment of the MROC. Such assessment are directly provided by standard linear programming tools supplying shadow prices for relaxing the constraints (on maximum capacity) on a given resource. It may be questioned, however, whether long-term maximum efficiency water allocation assessed by an optimization model is realistically achievable in real world operation of water resources systems. Given perfect input foresight and other factors, marginal opportunity costs obtained by an optimization algorithm may be a lower bound for their likely values. As an alternative, it maybe worthwhile using simulation models for a description of system's operation using current allocation criteria. The MROC is obtained by decreasing of unit quantity resources availability at a given point and time step and evaluating the response (in terms of costs) of the system, thus obtaining an approximation of the opportunity cost. The paper is provocative to some extent, in that one of its goals is to quantify the impact of inefficient management of a system on the perception of resources costs and on the subsequent decisions on infrastructures that must be built to substitute or expand them, should this become necessary. The paper compares the outputs of a linear programming based - water allocation procedure and of a plain simulation model for the assessment of the marginal opportunity cost of groundwater resources in a real- world water resources system located in Southern Italy, where aquifer overexploitation concretely poses the problem of comparing different expansion alternatives to cope with the planned reduction of underground water withdrawals. The simulation model uses very simple operation rules (purposely oversimplistic, to some degree) to contrast results with those obtained adopting the idealized behavior of the omniscient decision maker of the optimization model. Results show that marginal opportunity costs can vary considerably with the methodology, as a consequence of the different underlying assumptions, optimization yielding an ideal maximum efficiency allocation and simulation providing an inefficient, but somehow more realistic, description of the allocation process. As the operating rule specifically employed in the simulation model pushes to the limits the contrast with those The results may be seen as upper and lower bounds for the marginal opportunity cost of resources in this specific context." @default.
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• W244786253 date "2009-01-01" @default.
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• W244786253 title "Simulation versus optimization in the assessment of the resource opportunity cost in complex water resources systems - the case of Agri-Sinni in southern Italy" @default.
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