% Submit in "submit" mode. Place \texttt{jwe.cls} in the same directory. Add \texttt{refs.bib} with BibTeX entries (see bibliography instructions at the bottom).
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\documentclass[final]{jwe} %submit,proof,final
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% Provide title and short running title. List authors with \AddAuthor. Mark one as corresponding author. Do not thank editors in acknowledgements. Combine funding, conflicts of interest, data availability, and supplementary material in the disclosure statement. This will be printed in the final version only. Provide additional (non-public) information in the cover letter.
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\title{Sample title of a water economics paper}
\jweRunningTitle{Sample paper}
\AddAuthor{First Author}{Department of Economics, University X}
\AddAuthor{Second Author}{Institute for Water Studies, University Y}
\Corresponding{Corresponding Author}{cor.aut@uni.edu}
\Acknowledgements{We thank Adam Smith, Edmond Halley, and two anonymous referees
for helpful comments that helped us improve this paper.}
\Disclosure{First Author received funding from Some Science Foundation. The data used in the analysis can be freely obtained from this organization. Data and code are available as online supplementary files. We declare no conflicts of interest.}
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% The following is filled out by JWE upon acceptance
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\jweVolume{53} \jweYear{2026} \jweStartPage{1} \jweDOI{10.0000/jwe.2026.xxx}
\Received{1 Jan 2026} \Accepted{31 Aug 2026} \Online{10 Sep 2026}
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% Abstract: max 200 words. Provide JEL codes and up to five keywords, separated by commas.
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\abstracttext{%
This is the abstract of a paper in the field of water economics. It summarizes the main motivation of the study, outlines the methodology, and highlights the key findings. The abstract explains why the topic is relevant, briefly mentions the type of data or model used, and points out the contribution to the literature. It also emphasizes the policy implications and practical importance of the results. While the details are not provided here, the text is written to give readers a clear idea of the scope and relevance of the paper, encouraging them to read further. In line with conventions for abstracts in economics, the text is concise, informative, and self-contained.}
\JEL{L95, Q25, Q53}
\Keywords{First keyword, another one}
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% This is where the main text starts.
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\begin{document}
\maketitle
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\section{Introduction}
\label{sec:intro}

This sample paper illustrates how to use the \emph{JWE} class file \texttt{jwe.cls} when preparing a submission or final version. The class file defines the document style through packages and formatting instructions. Do not alter the class file or use additional \LaTeX\ commands to change margins, spacing, or font size. Minimize text formatting such as \textit{italics} and \textbf{bold}.


\section{Text}
\label{sec:text}

\subsection{Subsection heading}
\label{sec:headings}

\subsubsection{Sub-subsection heading}
Use section headings, which are numbered automatically. Start with an Introduction. Subsections may go up to the third level. For further hierarchy, use paragraph headings.\footnote{Use footnotes, not endnotes.}

\paragraph{Paragraph heading} Start a new paragraph with a bold run-in heading.

\subsection{Cross-references}
\label{sec:cross-references}

Always use automatic cross-references with \texttt{\textbackslash label} and \texttt{\textbackslash ref}. Example: "as shown in Figure~\ref{fig:quadratic} at the end of Section~\ref{sec:tablesfigures}". Do not insert manual references. Equations should be cited with round brackets, e.g.\ "see Equation~\eqref{eq:solution}".


\subsection{Citation}
\label{sec:citation}

Use the standard author–year citation style. Example: \citet{samplebook2022} for textual citations and \citep{samplearticle2025} for parenthetical citations. For more citation commands (multiple citations, author-only, etc.), see the \href{https://ctan.org/pkg/natbib}{natbib documentation}.


\subsection{Lists}
\label{sec:lists}

The following is an example of an \emph{itemized} list with a nested \emph{enumerated} list. Do not change bullet symbols or spacing.
\begin{itemize}
\item
First item
\item
Second
    \begin{enumerate}
    \item Second, part 1
    \item Second, part 2
    \end{enumerate}
Continue
\item
Third
\end{itemize}


\subsection{Equations}
\label{sec:equations}

Use inline math only for short, non-central expressions (e.g. $a\times b=z$). Display all other equations. Number only those equations that are cited in the text.
\begin{equation*}
  U_i(x) = 
  \begin{cases}
    \displaystyle 
    \sum_{t=1}^{T} \beta^t \int_{0}^{\infty} 
      \frac{(x_{it} - \theta_i)^{\alpha}}{1+\exp(-\lambda z)} f(z)\,dz, & \text{if } x_{it} > \theta_i, \\[2ex]
    -\infty, & \text{otherwise}.
  \end{cases}
\end{equation*}
For multi-line equations, number the last line only.
\begin{align}
    3x & = 12, \notag\\
    2x & = 6, \notag\\
    x   &= 3. \label{eq:solution}
\end{align}


\section{Tables and Figures}
\label{sec:tablesfigures}

Tables and figures must be self-contained and easy to interpret. For regression tables, use export tools from statistical software (e.g. \href{https://cran.r-project.org/web/packages/stargazer/index.html}{stargazer} in R or \href{http://repec.org/bocode/e/estout/estout.html}{estout} in Stata). In Table~\ref{tab:reg}, the \texttt{siunitx} style \texttt{d\{1.3\}} aligns numbers (1 digit before, 3 after decimal), while \texttt{\textbackslash se\{...\}} centers SEs. The \texttt{booktabs} package improves table appearance. Alternative formats are allowed if they respect layout and clarity.
\begin{table}[htbp]
  \centering
  \caption{Sample regression results}
  \label{tab:reg}
  \begin{tabular}{l *{3}{d{1.3}}}
    \toprule
                 & \multicolumn{1}{c}{(1)} & \multicolumn{1}{c}{(2)} & \multicolumn{1}{c}{(3)} \\
    \midrule
    Variable A   & 0.123        & 0.115         & 0.098         \\
                 & \se{0.045}   & \se{0.042}    & \se{0.049}    \\
    Variable B   & 0.056        & 0.072         & 0.061         \\
                 & \se{0.038}   & \se{0.039}    & \se{0.040}    \\
    Variable C   & 1.234        & 1.198         & 1.205         \\
                 & \se{0.210}   & \se{0.205}    & \se{0.215}    \\
    \midrule
    Observations & 500          & 500           & 500           \\
    R$^2$        & 0.21         & 0.25          & 0.27          \\
    \bottomrule
    \multicolumn{4}{l}{\footnotesize \textit{Note:} Standard errors in parentheses. } \\
  \end{tabular}
\end{table}

Figures should be clear and self-contained. Use \texttt{pgfplots}/TikZ for plots created in \LaTeX, such as Figure~\ref{fig:quadratic} (see \href{https://ctan.org/pkg/pgfplots}{pgfplots documentation}). For external figures, use \texttt{\textbackslash includegraphics}, and preferably use vector graphics in \texttt{.pdf} format. Only use raster formats (e.g. \texttt{.png}, \texttt{.jpeg}) when the source is inherently non-vector (such as photos), and ensure high resolution.
\begin{figure}[htbp]
  \centering
\begin{tikzpicture}
  \begin{axis}[
    axis lines = middle,
    xlabel = $x$,
    ylabel = {$y=\sqrt{x}$},
    domain=-3:3,
    samples=100,
    grid=none,
  ]
    \addplot[blue, thick] {sqrt(x)};
  \end{axis}
\end{tikzpicture}
\caption{Sample figure}
  \label{fig:quadratic}
\end{figure}


\section{Environments}
\label{sec:environments}

Environments for formal results, examples, etc.\ can be used in a straightforward manner; they are numbered automatically.
\begin{lemma}
\label{lem:lemma}
Some lemma that is used in the proof of Theorem~\ref{the:theorem}.
\end{lemma}

\begin{theorem}
\label{the:theorem}
Some interesting theorem.
\end{theorem}
The proof is provided in Appendix~\ref{app:proof}, since it is a bit long and not essential to the main argument.

Other available environments include Proposition, Corollary, Assumption, Remark, Definition, and Example. The last two are unnumbered and require a name.
\begin{definition}[Something complex]
    This is a definition.
\end{definition}

    

\section{Conclusion}

The conclusion should be the final section, before any appendices.

% Appendices precede the References. They are structured like sections, but numbered with capital letters.
% -----------------------------------------------------------------------------
\StartAppendices
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\section{Proof of Theorem~\ref{the:theorem}}
\label{app:proof}
In this appendix we prove Theorem~\ref{the:theorem}. Notice how the (equation) numbering changes in the appendix.
\begin{proof}
We have 
\begin{equation}
\frac{2x + 4}{x-1} < \frac{10}{x-1} . \label{eq:proofsolution}
\end{equation}
By Lemma~\ref{lem:lemma}, Equation~\eqref{eq:proofsolution} is true; this completes the proof.    
\end{proof}

\section{Robustness check}
Here is an additional table, note how the table numbering changes in the appendix.

\subsection{A subsection in the appendix}
Use subsections in appendices, if needed.
\begin{table}[htbp]
  \centering
  \caption{Sample regression results: robustness}
  \label{tab:regrobust}
  \begin{tabular}{l *{3}{d{1.3}}}
    \toprule
                 & \multicolumn{1}{c}{(1)} & \multicolumn{1}{c}{(2)} & \multicolumn{1}{c}{(3)} \\
    \midrule
    Variable A   & 0.245        & 0.198         & 0.176         \\
                 & \se{0.060}   & \se{0.054}    & \se{0.058}    \\
    Variable B   & -0.032       & 0.015         & 0.042         \\
                 & \se{0.027}   & \se{0.031}    & \se{0.030}    \\
    Variable C   & 0.984        & 1.052         & 1.110         \\
                 & \se{0.180}   & \se{0.192}    & \se{0.185}    \\
    \midrule
    Observations & 450          & 450           & 450           \\
    R$^2$        & 0.18         & 0.23          & 0.26          \\
    \bottomrule
    \multicolumn{4}{l}{\footnotesize \textit{Note:} Standard errors in parentheses. } \\
  \end{tabular}
\end{table}




% References are managed in \texttt{refs.bib} (BibTeX format). Running LaTeX produces a \texttt{.bbl} file with the formatted references. For the final accepted version, copy the contents of the \texttt{.bbl} file here and comment out the lines below.
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\bibliographystyle{apalike}
\bibliography{refs}
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\end{document}