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An Integrated Assessment of Water Markets: A Cross-Country Comparison

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Author Info

  • R. Quentin Grafton
  • Gary Libecap
  • Samuel McGlennon
  • Clay Landry
  • Bob O'Brien

Abstract

This article presents an integrated framework for assessing water markets in terms of their institutional foundations, economic efficiency, and environmental sustainability. This framework can be a tool for (a) comparing different water markets, (b) tracking performance over time, and (c) identifying ways in which water markets might be adjusted by policy makers to achieve desired goals. The framework is used to identify the strengths and limitations of five water markets: (a) Australia's Murray-Darling Basin, (b) the western United States, (c) Chile (in particular the LimarĂ­ Valley), (d) South Africa; and (v) China (in particular, the North). The framework helps identify which of these water markets are currently able to contribute to integrated water resource management, which criteria underpin these markets, and which features of these markets may require further development. The findings for each market, as well as comparisons between them, provide general insights into water markets and how water governance can be improved. Copyright 2011, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/reep/rer002
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Bibliographic Info

Article provided by Association of Environmental and Resource Economists in its journal Review of Environmental Economics and Policy.

Volume (Year): 5 (2011)
Issue (Month): 2 (Summer)
Pages: 219-239

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Handle: RePEc:oup:renvpo:v:5:y:2011:i:2:p:219-239

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Cited by:
  1. Stefan Ambec & Alexis Garapin & Laurent Muller & Arnaud Reynaud & Carine Sebi, 2009. "Comparing regulations to protect the commons: an experimental investigation," LERNA Working Papers 09.18.294, LERNA, University of Toulouse.
  2. Zuo, Alec & Nauges, Celine & Wheeler, Sarah, 2012. "Water trading as a risk-management tool for farmers: new empirical evidence from the Australian water market," Risk and Sustainable Management Group Working Papers 149885, University of Queensland, School of Economics.
  3. Loch, Adam, 2013. "Sequential decision-making: Theory and evidence for irrigator water allocation trade participation and volumetric choices," 2013 Conference (57th), February 5-8, 2013, Sydney, Australia 152199, Australian Agricultural and Resource Economics Society.

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