Abstract
Groundwater management is often reactive, and in some cases the groundwater stock (groundwater table) of an aquifer may fall below its optimal steady-state level before any thought is given to management. This paper examines a private property rights regime to restore a groundwater resource to its optimal steady-state. Results from a stochastic dynamic programming model of Madera County, California show that the private property rights regime recovers about 95 percent of the potential gain from groundwater management
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