Abstract It is important to manage water resources via emergy theory and its implementation mechanism for water dispatching while considering both economic development and environmental needs. The contribution of this paper is to propose a multi-objective dynamic differential game that can determine the optimal tax rate (OTR), optimal trading quantity of water (OTQW) in each province, and optimal bargain price (OBP) to balance resource consumption, economic development and environmental protection. Considering the sustainability of the ecological environment, the quantification of negative sewage value and net carbon emission constraints are introduced into the water allocation. To maximize the target revenue functions, minimize the net carbon emission constraints and obtain sustainable equilibrium solutions in this triple-level game, the costate function, Hamiltonian, and Lagrangian multiplier method are introduced. Then, a water dispatching structure is constructed for error correction between the predicted and actual runoff of the YRB. Taking the Yellow River Basin as an example, the validity of the proposed framework and solution method were verified under different hydrological years, with 6.5%?~?9.1% higher economic benefits than other schemes and 4.3%?~?5.9% lower net carbon emissions than other schemes. Compared to previous studies, this scheme can better meet the requirements of sustainable development and environmental protection.
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