<?xml version='1.0' encoding='UTF-8'?><xml><records><record><source-app name="HighWire" version="7.x">Drupal-HighWire</source-app><ref-type name="Journal Article">17</ref-type><contributors><authors><author><style face="normal" font="default" size="100%">Mieno, Taro</style></author><author><style face="normal" font="default" size="100%">Rad, Mani Rouhi</style></author><author><style face="normal" font="default" size="100%">Suter, Jordan F.</style></author><author><style face="normal" font="default" size="100%">Hrozencik, R. Aaron</style></author></authors><secondary-authors></secondary-authors></contributors><titles><title><style face="normal" font="default" size="100%">The Importance of Well Yield in Groundwater Demand Specifications</style></title><secondary-title><style face="normal" font="default" size="100%">Land Economics</style></secondary-title></titles><dates><year><style  face="normal" font="default" size="100%">2021</style></year><pub-dates><date><style  face="normal" font="default" size="100%">2021-08-01 00:00:00</style></date></pub-dates></dates><pages><style  face="normal" font="default" size="100%">672-687</style></pages><doi><style  face="normal" font="default" size="100%">10.3368/le.97.3.672</style></doi><volume><style face="normal" font="default" size="100%">97</style></volume><issue><style face="normal" font="default" size="100%">3</style></issue><abstract><style  face="normal" font="default" size="100%">Implementing effective resource management policies critically depends on accurate estimates of the price elasticity of resource demand. In the case of groundwater, previous research estimating well-level groundwater demand has largely neglected the importance of well yield, which is a physical limit on the rate of groundwater extraction. In this study, we empirically estimate the price elasticity of demand for groundwater using well-level data from Colorado. Our results demonstrate that when well yield is omitted, price elasticity is overestimated. This in turn creates inaccurate predictions of the effect of price-based conservation policies on groundwater use and welfare.</style></abstract></record></records></xml>