Saving a creek one bid at a time: A uniform price auction for urban stormwater retention
| Autor: | Sharyn Rossrakesh, Gary Stoneham, Andrea La Nauze, Christopher J. Walsh, Tim D. Fletcher, Veronika Nemes, Darren G. Bos |
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| Rok vydání: | 2014 |
| Předmět: |
0208 environmental biotechnology
Geography Planning and Development Stormwater 02 engineering and technology Environmental economics Production–possibility frontier 020801 environmental engineering Water resources Reservation price Procurement Economics Common value auction Portfolio Aggregate supply Water Science and Technology |
| Zdroj: | Urban Water Journal. 13:232-241 |
| ISSN: | 1744-9006 1573-062X |
| Popis: | Urban stormwater runoff degrades waterway health. We describe a market-based approach to identify the most efficient investments to reduce urban stormwater impacts at minimum cost. The framework involves the joint consideration of public and private supply of environmental services across scales; a metric to compare the benefits of interventions across and within scales; an environmental procurement auction to reveal and minimise the cost of private interventions; and an endogenous reserve price to select the optimal portfolio of investments. The paper discusses the economic and environmental rationale for the proposed approach, along with the results of Stormwater Tender, a field trial in Melbourne, Australia. To conceptualize the optimal portfolio of investments we draw the aggregate supply curve and the production possibility frontier (PPF) using data from the field trial. We find considerable heterogeneity in both the private and public cost of providing environmental benefits, highlighting the need t... |
| Databáze: | OpenAIRE |
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