Policies that seek to reduce groundwater open-access externalities may be in conflict with the facilitation of water trading during droughts. Using panel data on cropland values, we examine this interaction in the context of groundwater export restrictions. We find that land subject to restrictions experienced a relative decline of 34% ($2,057/acre, roughly half of foregone potential water sales revenue) during the drought immediately following implementation of the policies. During a later, more severe drought, there is no difference in value. Our empirical approach also provides novel estimates of the value of changes in groundwater stock. (JEL Q15, Q18)

中文翻译：

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农业用水交易限制和抗旱能力

寻求减少地下水开放获取外部性的政策可能与干旱期间水交易的便利化相冲突。使用农田价值的面板数据，我们在地下水出口限制的背景下研究了这种相互作用。我们发现，在政策实施后的干旱期间，受限制的土地经历了 34% 的相对下降（2,057 美元/英亩，大约是放弃的潜在水销售收入的一半）。在以后更严重的干旱期间，价值没有差异。我们的经验方法还提供了对地下水储量变化价值的新估计。(JEL Q15, Q18)