Final Case Study: Economics of Natural Resource Use

Part 1: The report–An Economic Analysis of Kirkpatrick (Rodman) Dam

Section (1) Benefit Costs Analysis

River Restoration

Annually, benefits = $3.96 million * 20 = $79.2 million in 20 years

Costs = $15 million (Restoration) + (0.05 * 20) = $16 million

Present Value = $79.2 – $16 = $63.2 million

Net Present Value = 104% * 63.2 = $131.456 million

 

Keep the Dam

Annually, benefits = $2.23 million * 20 = $44.6 million

Costs = $0.15 * 20 = $3

Present Value = $44.6 – $3 = $41.6 million

Net Present Value = 104% * 41.6 = $43.264 million

In consideration of year zero, pursuit of the keeping the dam makes more sense. Alternatively, the river restoration is bound to cost additional costs from what it can generate as profit.

In the 20-year time frame, pursuit of river restoration is more economically viable and generates huge benefits. The consideration of project in perpetuity indicates higher benefits in the river restoration than keeping the dam. Furthermore, time and discount rates shows tremendous growth in benefit of river restoration both economically and environmentally.

Section (2) Identification of Market Failures

The State of Florida is mostly likely to be recommended to pursue the river restoration project. This impacts on the promotion of environmental protection approaches that has been a cause of grievance for years. The market failure such as lack of sufficient water for both domestic and agricultural use from the dam can be mitigated by seeking alternative sources. A consideration of building a new dam or water connecting pipes from a different reservoir is vital to solve the existing problem.

Section (3) Identify the impacts of your policy on natural resources

The choice of river reservation over keeping the dam will impact on increased water quality but diminish in quantity. The natural flow supply is limited as compared to the reservoir. The fish product is likely to be adversely affected as the dam can sustain the activity much better than then restoration of the river. The consideration of fish and their importance is likely to influence the need to keep the dam. Land, forest and agriculture are bound to be affected in the way that agriculture productivity is bound to diminish while land and forest restores to the natural state. With an established ecosystem owing to the existence of the Rodman dam, it is bound to be adversely disrupted and change the course of the normalcy developed over the years. Such as, limited fish will be availed affected the ecosystem extensively.

Part 2: The Presentation – Your professional advice to the state of Florida

In consideration of all the factors involved, the state of Florida is advised to consider the keeping of the Rodman dam. This is despite of the economic benefit in which the river restoration is bound to provide based on economic analysis. The keeping of the dam has extensive effects including agricultural production, providing sufficient water for domestic use, and sustenance of other water activities requiring high quantity of water. As well, the fishing activity has been a huge part of the people’s culture with activities such as Rodman Reservoir Drawdown Fishing for Trophy Largemouth. This is crucial to the people’s life and heritage. This asserts that, it is integral to keep the dam due to the extensive effects it has on the livelihood of the people and state of Florida. The river restoration has economic benefits directly affected by it but not in the extensive issues that require substantial amount of water to sustain. Therefore, in overall, the keeping of the Rodman dam is recommended is the best course of action for the state of Florida.

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