Water scarcity and drought have determined the structure, location, and fate of civilizations throughout history. Drought remains an important factor in the performance of developed and developing economies, especially in the agricultural sector. While significant attention has been paid to drought as a meteorological phenomenon and on its economic impact, comparative institutional analysis of the economics of drought is limited. In this review, we focus on how economic institutions, the humanly devised constraints that shape the allocation and use of water, impact the severity and incidence of droughts. Water property rights in developed countries encourage infrastructure investments and reallocations that mitigate drought impacts, although such institutions may codify inequitable water access during drought. Developing economies rely more on informal strategies for mitigating drought and remain more vulnerable, experiencing economic losses, conflict, and violence.

中文翻译：

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 干旱经济学


水资源短缺和干旱决定了历史上文明的结构、位置和命运。干旱仍然是影响发达和发展中经济体表现的一个重要因素，尤其是在农业部门。虽然人们非常重视干旱这一气象现象及其经济影响，但对干旱经济学的比较制度分析是有限的。在这篇综述中，我们重点关注经济制度，即人为设计的约束因素，这些限制因素决定了水资源的分配和使用，如何影响干旱的严重程度和发生率。发达国家的水产权鼓励基础设施投资和重新分配，以减轻干旱的影响，尽管这些机构可能会将干旱期间不公平的用水问题编入法典。发展中经济体更多地依赖非正规战略来缓解干旱，并且仍然更加脆弱，遭受经济损失、冲突和暴力。