Comerciando con Incertidumbre: Los Mercados de Agua en la Agricultura Chilena

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Comerciando con Incertidumbre: Los Mercados de Agua en la Agricultura Chilena

Author Info

Ereney Hadjigeorgalis

Abstract

This research examines the effect of uncertainty on farmers’ water trading decisions in the Limarí River basin. The results show that farmers who face greater risks from water supply shortfalls, such as perennial crop farmers, will not participate in spot water markets but rather in permanent water rights markets. In addition, transactions will be generated not only by differences in the value of the marginal product of water, but also by differences in irrigation efficiency and for risk sharing motives. The main policy implication is that water rights hoarding may be efficient in a water market when it leads to efficient risk sharing among farmers.

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Publisher Info
Article provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its journal Cuadernos de Economía.

Volume (Year): 41 (2004)
Issue (Month): 122 ()
Pages: 3-34
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Handle: RePEc:ioe:cuadec:v:41:y:2004:i:122:p:3-34

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Find related papers by JEL classification:
Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water

References listed on IDEAS
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Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-61, January. [Downloadable!] (restricted)
James J. Heckman, 1976. "The Common Structure of Statistical Models of Truncation, Sample Selection and Limited Dependent Variables and a Simple Estimator for Such Models," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 5, number 4, pages 120-137 National Bureau of Economic Research, Inc. [Downloadable!]
Rosegrant, Mark W. & Binswanger, Hans P., 1994. "Markets in tradable water rights: Potential for efficiency gains in developing country water resource allocation," World Development, Elsevier, vol. 22(11), pages 1613-1625, November. [Downloadable!] (restricted)
Van de Ven, Wynand P. M. M. & Van Praag, Bernard M. S., 1981. "The demand for deductibles in private health insurance : A probit model with sample selection," Journal of Econometrics, Elsevier, vol. 17(2), pages 229-252, November. [Downloadable!] (restricted)

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