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An Integrated Assessment of Water Markets: Australia, Chile, China, South Africa and the USA

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  • R. Quentin Grafton
  • Clay Landry
  • Gary D. Libecap

    ()

  • Sam McGlennon
  • Bob O’Brien

Abstract

The paper provides an integrated framework to assess water markets in terms of their institutional underpinnings and the three ‘pillars’ of integrated water resource management: economic efficiency, equity and environmental sustainability. This framework can be used: (1) to benchmark different water markets; (2) to track performance over time; and (3) to identify ways in which water markets might be adjusted by informed policy makers to achieve desired goals. The framework is used to identify strengths and limitations of water markets in: (1) Australia’s Murray-Darling Basin; (2) Chile (in particular the Limarí Valley); (3) China (in particular, the North); (4) South Africa; and (5) the western United States. It identifies what water markets are currently able to contribute to integrated water resource management, what criteria underpin these markets, and which components of their performance may require further development.

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File URL: http://www.icer.it/docs/wp2010/ICERwp32-10.pdf
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Bibliographic Info

Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number 32-2010.

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Length: 44 pages
Date of creation: Dec 2010
Date of revision:
Handle: RePEc:icr:wpicer:32-2010

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References

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  1. R. Quentin Grafton & Karen Hussey, 2006. "Buying Back the Living Murray: At What Price?," Economics and Environment Network Working Papers 0606, Australian National University, Economics and Environment Network.
  2. Jedidiah Brewer & Robert Glennon & Alan Ker & Gary D. Libecap, 2007. "Water Markets in the West: Prices, Trading, and Contractual Forms," NBER Working Papers 13002, National Bureau of Economic Research, Inc.
  3. R. Quentin Grafton & Clay Landry & Gary D. Libecap & R.J. (Bob) O'Brien, 2009. "Water Markets: Australia's Murray Darling Basin and the US Southwest," Centre for Water Economics, Environment and Policy Papers 0902, Centre for Water Economics, Environment and Policy, Crawford School of Public Policy, The Australian National University.
  4. Gillitt, C.G. & Nieuwoudt, W. Lieb & Backeberg, G.R., 2005. "Water markets in the Lower Orange River catchment of South Africa," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 44(3), September.
  5. Brewer, Jedidiah & Libecap, Gary D., 2009. "Property rights and the public trust doctrine in environmental protection and natural resource conservation," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 53(1), March.
  6. Nieuwoudt, W. Lieb, 2000. "Water market institutions: lessons from Colorado," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 39(1), March.
  7. Kanazawa, Mark T, 1998. "Efficiency in Western Water Law: The Development of the California Doctrine, 1850-1911," The Journal of Legal Studies, University of Chicago Press, vol. 27(1), pages 159-85, January.
  8. D. Peterson & G. Dwyer & D. Appels & J. Fry, 2005. "Modelling Water Trade in the Southern Murray-Darling Basin," Urban/Regional 0506007, EconWPA.
  9. Ellen Hanak, 2003. "Who Should Be Allowed to Sell Water in California? Third-Party Issues and the Water Market," PPIC Research Reports, Public Policy Institute of California, number wtrmkt.
  10. Khan, Haider & Liu, Yibei, 2008. "Ecological Economics of Water in China: Towards A Strategy for Sustainable Development," MPRA Paper 7705, University Library of Munich, Germany, revised 2008.
  11. Easter, K William & Rosegrant, Mark W & Dinar, Ariel, 1999. "Formal and Informal Markets for Water: Institutions, Performance, and Constraints," World Bank Research Observer, World Bank Group, vol. 14(1), pages 99-116, February.
  12. Farolfi, Stefano & Perret, Sylvain R., 2002. "Inter-Sectoral Competition For Water Allocation In Rural South Africa: Analysing A Case Study Through A Standard Environmental Economics Approach," Working Papers 18026, University of Pretoria, Department of Agricultural Economics, Extension and Rural Development.
  13. Nieuwoudt, W. Lieb & Gillitt, C.G. & Backeberg, G.R., 2005. "Water marketing in the Crocodile River, South Africa," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 44(3), September.
  14. Anderson, Terry L & Johnson, Ronald N, 1986. "The Problem of Instream Flows," Economic Inquiry, Western Economic Association International, vol. 24(4), pages 535-54, October.
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Cited by:
  1. Yerushalmi, Erez, 2012. "Measuring the administrative water allocation mechanism and agricultural amenities," The Warwick Economics Research Paper Series (TWERPS) 992, University of Warwick, Department of Economics.

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