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Dynamic Recontracting of Water Rights

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  • Beard, Rodney
  • McDonald, Stuart

Abstract

Scarcity of water has become a major issue facing many nations around the world. To improve the efficiency of water usage there has been consid- erable interest in recent years in trading water. A major issue in trading water rights is the problem of how an allocation system can be designed in perpetuity that also has desirable properties at each point of time. This is an isssue of the time consistency of the contract to trade water. In this paper we develop a model of dynamic recontracting of water rights and study time consistency properties of the resultant contracts using the ideas of Filar and Petrosjan [7].

Suggested Citation

  • Beard, Rodney & McDonald, Stuart, 2005. "Dynamic Recontracting of Water Rights," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 137781, Australian Agricultural and Resource Economics Society.
  • Handle: RePEc:ags:aare05:137781
    DOI: 10.22004/ag.econ.137781
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    References listed on IDEAS

    as
    1. Leon A Petrosyan & Nikolay A Zenkevich, 2016. "Game Theory," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 9824, September.
    2. Bill Provencher & Oscar Burt, 1994. "A Private Property Rights Regime for the Commons: The Case for Groundwater," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 76(4), pages 875-888.
    3. Casas-Mendez, Balbina & Garcia-Jurado, Ignacio & van den Nouweland, Anne & Vazquez-Brage, Margarita, 2003. "An extension of the [tau]-value to games with coalition structures," European Journal of Operational Research, Elsevier, vol. 148(3), pages 494-513, August.
    4. Curiel, I. & Pederzoli, G. & Tijs, S.H., 1989. "Sequencing games," Other publications TiSEM cd695be5-0f54-4548-a952-2, Tilburg University, School of Economics and Management.
    5. Roger B. Myerson, 1977. "Graphs and Cooperation in Games," Mathematics of Operations Research, INFORMS, vol. 2(3), pages 225-229, August.
    6. Jerzy A. Filar & Leon A. Petrosjan, 2000. "Dynamic Cooperative Games," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 2(01), pages 47-65.
    7. Bill Provencher, 1993. "A Private Property Rights Regime to Replenish a Groundwater Aquifer," Land Economics, University of Wisconsin Press, vol. 69(4), pages 325-340.
    8. Greenberg, Joseph & Weber, Shlomo, 1986. "Strong tiebout equilibrium under restricted preferences domain," Journal of Economic Theory, Elsevier, vol. 38(1), pages 101-117, February.
    9. Burness, H. Stuart & Quirk, James P., 1980. "Economic aspects of appropriative water rights," Journal of Environmental Economics and Management, Elsevier, vol. 7(4), pages 372-388, December.
    10. Hendrickx, R.L.P., 2004. "Cooperation and allocation," Other publications TiSEM ab33e762-204c-46e2-86b1-0, Tilburg University, School of Economics and Management.
    11. Curiel, Imma & Pederzoli, Giorgio & Tijs, Stef, 1989. "Sequencing games," European Journal of Operational Research, Elsevier, vol. 40(3), pages 344-351, June.
    Full references (including those not matched with items on IDEAS)

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