Standard economic models of groundwater management impose restrictive assumptions regarding perfect transmissivity (i.e., the aquifer behaves as a bathtub), no external effects of groundwater stocks, observability of individual extraction rates, and/or homogenous agents. In this article, we...

Purpose - Ground rent has been playing a vital role in China's economic and social development, which has a clear practical logic. It is also necessary to present the historical inevitability and institutional mechanisms that realize this role of ground rent concerning its theoretical and...