Due to COVID-19 precautions, this seminar will only be available for viewing via WebEx.
COASTAL AND MARINE SYSTEM SCIENCE PROGRAM
DEPARTMENT OF PHYSICAL AND ENVIRONMENTAL SCIENCES
TEXAS A&M UNIVERSITY-CORPUS CHRISTI
SUBJECT: Market Mechanisms and Efficient Allocation of Water: Modelling Water Prices, Option Contracts on Water, and Enhancing Frameworks
MAJOR ADVISOR: Dr. David Yoskowitz
ABSTRACT
Many regions are currently dealing with issues involving water scarcity, and the problem is expected to grow. As we face this growing problem, it is important to allocate this vital resource with the most efficient methods possible. Water markets can be one of the tools used to achieve this efficient allocation. To develop water markets, the value of water in terms of price needs to be understood. This work uses artificial intelligence/machine learning (AI/ML) to build a water pricing model based on robust cash markets currently trading in Australia, then transfers that model to the U.S. to predict water prices domestically. In addition, methods are developed to price option contracts on water in both Australia and the U.S., and policy suggestions are made that can enhance the development and growth of water markets in Texas.
In a broader sense, this work contributes to the advancement of AI/ML applications by illustrating how novel solutions can be developed using a fusion of different types of data to make predictions, and explores the possibilities of modelling systems, then transferring validated models to make predictions elsewhere.
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Meeting number: 805 463 847
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