Trade-off analysis of alternative water uses

The author points out that his analysis is relatively short run in that it is based on data from one year, and is not intended to be a long run analysis. The purpose of the paper was to point out that water in the short run can be as valuable to irrigation as it is to hydropower. It seems that any type of trade-off analysis must compare alternatives in the same units of measurement. This is not a matter of methodology or economic theory, but rather a matter of common sense. It also seems obvious that any financial statement from a public utility company would not show zero costs for the production of electricity as claimed by the discussers.