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Abstract
Policy analysis is complicated by the myriad of benefits and costs generated by the use of
natural resources. This study develops three benefits that must be considered in the granting
of a consumptive use permit for water filed by Adena Springs Ranch, east of Ocala, Florida.
This ranch is hoping to expand into grass-fat beef; but to do so, it needs additional water for
irrigation. Specifically, our analysis considers the potential gain from the ranch, the potential
negative effect on existing permit holders and environmental uses of water, and the possible
positive value generated by the increased surface flow for other recreational users in eastern
Marion County.