Abstract
Existence of underutilized resources has been recognized as important in the evaluation of the economic cost of water resource development projects. Recent concern with socioeconomic impact during project construction has reemphasized the importance of the level of local resource utilization in project assessment procedures. This paper surveys the consideration of underutilized resources in the economics literature, reviews several empirical attempts to measure the importance of the phenomenon, and develops a conceptual framework within which to examine the issue. The proposed conceptual framework provides guidance in interpreting existing empirical work and identifies promising lines of future research.
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