Optimization of water procurement decisions in an irrigation district: the role of option contracts

Water supply instability is one of the main risks faced by irrigation districts and farmers. Water procurement decision optimisation is essential in order to increase supply reliability and reduce costs. Water markets, such as spot purchases or water supply option contracts, can make this decision process more flexible. We analyse the potential interest in an option contract for an irrigation district that has access to several water sources. We apply a stochastic recursive mathematical programming model to simulate the water procurement decisions of an irrigation district?s board operating in a context of water supply uncertainty in south-eastern Spain. We analyse what role different option contracts could play in securing its water supply. Results suggest that the irrigation district would be willing to accept the proposed option contract in most cases subject to realistic values of the option contract financial terms. Of nine different water sources, desalination and the option contract are the main substitutes, where the use of either depends on the contract parameters. The contract premium and optioned volume are the variables that have a greater impact on the irrigation district?s decisions. Key words: Segura Basin, stochastic recursive programming, water markets, water supply option contract, water supply risk.

The effect of flow speed and food size on the capture efficiency and feeding behaviour of the cold-water coral Lophelia pertusa

Acknowledgements The authors acknowledge L. Wicks and B. de Francisco for helping in coral sampling and coral care in the aquaria facilities at SAMS. Thanks to C. Campbell and the CCAP for kind support and help. Scientific party and crew on board the RVs Calanus and Seol Mara, as well as on board the RRS James Cook during the Changing Oceans cruise (JC_073) are greatly acknowledged. Thanks to colleagues at SAMS for their support during our stay at SAMS. We are in debt with A. Olariaga for his help modifying the cylindrical experimental chambers used in the experiments, and C.C. Suckling for assistance with the flume experiment. Many thanks go to G. Kazadinis for preparing the POM used in the feeding experiments. We also thank two anonymous reviewers and the editor for their constructive comments, which contribute to improve the manuscript. This work has been supported by the European Commission through two ASSEMBLE projects (grant agreement no. 227799) conducted in 2010 and 2011 at SAMS, as well as by the UK Ocean Acidification Research Programme's Benthic Consortium project (awards NE/H01747X/1 and NE/H017305/1) funded by NERC. [SS]

Monography of the family Unionidae, or Naiades of Lamarck (fresh water bivalve shells,) of North America, : illustrated by figures drawn on stone from nature. / by T.A. Conrad ...

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Permo-Carboniferous fresh water burrows / Everett C. Olson -- and Kathryn Bolles --.

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