You may be familiar with the work of Jay Lund at the University of California - Davis. Part of his research centers around a California statewide economic-engineering model called CALVIN. CALVIN is an optimization model with a statewide water network of flow conditions and economic costs. The model takes historic California hydrology, updated for potential future conditions (e.g. infrastructure changes, population growth, climate warming), and solves for the water management decisions that would have the least economic costs. More details can be found at his website: http://cee.engr.ucdavis.edu/faculty/lund/CALVIN/
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