Water Resources Research Act Program

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Details for Project ID 2012CO264B

Quantifying Risks Producers Face when Entering Agricultural Water Lease Contracts

Institute: Colorado
Year Established: 2012 Start Date: 2012-03-01 End Date: 2013-02-28
Total Federal Funds: $5,000 Total Non-Federal Funds: $2,400

Principal Investigators: Christopher Goemans, James Pritchett

Project Summary: The purpose of this research is to develop a tool that can be utilized by 1) producers to make better, calculated decisions with more certainty and understanding, and 2) researchers to evaluate policy and predict future behavior. This would be achieved by incorporating uncertainty of commodity prices and climate in the decision-aiding tool. A modeling framework would be created where distribution of inputs modeled and distribution of outcomes are modeled for the producer with respect to commodity prices and climate. The effect of climate would be shown through impacts on yields and the timing of when cities choose to exercise their lease.