The focus of this report is on implementing institutional arrangements for the efficient allocation and management of water. Water is an input into human use including economic production and recreation activities that generate many externalities. It also provides many valuable ecosystem services only partially captured in the market. Institutional arrangements are required that are dynamically efficient and low cost, and robust enough to withstand the test of time. Robust administrative arrangements are characterised by the lack of a need for change.
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Paper provided by Policy and Economic Research Unit, CSIRO Land and Water, Adelaide, Australia in its series Natural Resource Management Economics with number
03_003.
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