•This work deals with decision making in water resources management applications.•The application of cost-benefit and Bayesian decision analysis is presented.•The dilemma to build a water reservoir vs fines for overpumping actions is examined.•Probability uncertainty is the driving issue that determines the optimal decision.•Different optimal decisions may apply depending on the unknown probability handling.
Journal of Hydrology – Elsevier
Published: Mar 1, 2016
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