[Version: February 22, 2001] by J. Scott Shonkwiler and W. Douglass Shaw Department of Applied Economics and Statistics/204 University of Nevada, Reno 89557 Shonkwiler and Shaw are Professor and Associate Professor, respectively. An earlier version of this paper was presented at the 1997 annual meetings of the AAEA (Toronto) as an AERE session invited paper and we thank participants there for comments. Our thanks also go to Kerry Smith and Kenneth Train for a careful read and comments, and to seminar participants in the Department of Agricultural and Resource Economics at University of California-Davis for their comments. Matt Rea provided us access to the data, which were collected as part of research for the U.S. Army Corps of Engineers, Bureau of Reclamation, and Bonneville Power Administration. This research is partially supported by the Nevada Agricultural Experiment Station. The usual caveat about responsibility for content pertains.
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