\begin{frame}{Econometric Strategy}
	\textbf{Direct Counterfactual}
\begin{equation*}
	W_{i,t}=CREP_{i,t}\cdot X_{t}+\alpha_{i}+\beta_{t}\cdot X_{t}+\epsilon_{t}
\end{equation*}

Where \(W_{i,t}\) is the water intensity in a given year (t) by parcel \(i\). \(\alpha_{i}\) is the parcel fixed effect. \(\beta_{t}\) captures time variant variables like run off volumes, growing season heating degree days, and prices.
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\newline
\textbf{Who enters the program}
\begin{equation*}
	logit(I_{CREP})=\beta_{i}\cdot X_{i}
\end{equation*}
Where \(X_{i}\) are parcel attributes such as acreage, crop choice, and location.





\end{frame}
