Conjunctive use of ground and surface water can increase reliability of the water supply by providing independent sources. In this study, corrected utility-efficient pro-gramming that allows for more than one seasonal irrigation depth for each crop was used to determine the amount of utility maximizing investment in the well capacity for conjunctive use. Results showed that optimum investment at the 15% discount rate for the small, medium and large representative farms with a low degree of risk aversion is 150341, 531592.7 and 1084648 thousand Rials, respectively, which decreases as aversion to risk increases.

Keywords: Conjunctive use, Ground and surface water, Risk-efficient investment

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