Editor's message: the sunk cost fallacy of deep drilling

At the beginning of 2008, I visited a watershed, located in Karkinatam village in the state of Karnataka, South India, where crops are intensively irrigated using groundwater. The water table had been depleted from a depth of 5 to 50 m in a large part of the area. Presently, 42% of a total of 158 water wells in the watershed are dry. Speaking with the farmers, I have been amazed to learn that they were drilling down to 500 m to tap water. This case is, of course, not isolated.