This paper proposes a new Economic Drought Management Index (EDMI) that could assist water managers to inter-temporally manage water reservoirs. The index's main appeal is that it can be easily interpreted and that it encompasses in a single number hydrological processes, structural constraints,...

Reservoir management and intertemporal water allocation are critical issues in semiarid regions where agriculture has to confront highly variable rainfall patterns. In this paper, we derive and propose an economic drought management index (EDMI) to evaluate water institutions' performance to...

This paper seeks to characterize the factors that explain crop insurance participation. A stylized model of insurance demand, with a simple setup of one crop. CARA preferences, yield insurance, and PDfs for revenue and yeild with moment-generating functions, provides a number of hypotheses about...

Historically, the Spanish water management model's predominate goal has been resource augmentation. This mindset has had important consequences for the system's capacity to cope with droughts. It has impacted the system's overall vulnerability, the discourse of scarcity, the conceptualisation of...