In this paper I propose and develop a new framework for modeling groundwater management issues. Specifically, I apply the methods of queuing theory—for the first time, to the best of my knowledge—to model a groundwater management problem from a long-run perspective. I characterize two simple...

The process of environmental regulation is usually a two-step one. In the first step, a standard for environmental quality is set. Then, in the second step, a regulatory mechanism is put in place to achieve the standard. In this paper I show how renewal theory can be used to set the quality...

In this paper I propose and develop a new framework for modeling groundwater management issues. Specifically, I apply the methods of queuing theoryfor the first time, to the best of my knowledgeto model a groundwater management problem from a long-run perspective. I characterize two simple...

The process of environmental regulation is usually a two-step one. In the first step, a standard for environmental quality is set. Then, in the second step, a regulatory mechanism is put in place to achieve the standard. In this paper I show how renewal theory can be used to set the quality...