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Water Markets, Licenses, and Conservation: Some Implications

  • Johannus Janmaat
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    While water markets have long been advocated as a tool for both enhancing water use efficiency and enabling conservation purchases, their interaction with water rights and licenses has been little studied. It is shown that when water rights are not tradable, using spot markets to secure conservation needs may harm some water users. Ironically, while a spot market enhances the efficiency of water use, it may also increase the cost of conservation purchases. Further, a self-funding conservation program, where volumetric license carrying charges pay for conservation purchases, creates a transfer from junior water users to senior water users.

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    File URL: http://le.uwpress.org/cgi/reprint/87/1/145
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    Article provided by University of Wisconsin Press in its journal Land Economics.

    Volume (Year): 87 (2011)
    Issue (Month): 1 ()
    Pages: 145-159

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    Handle: RePEc:uwp:landec:v:87:y:2011:i:1:p:145-159
    Contact details of provider: Web page: http://le.uwpress.org/

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    1. 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.
    2. Freebairn, John & Quiggin, John, 2005. "Water Rights for Variable Supplies," Risk and Sustainable Management Group Working Papers 149838, University of Queensland, School of Economics.
    3. GP Green & JP O'Connor, 2001. "Water Banking And Restoration Of Endangered Species Habitat: An Application To The Snake River," Contemporary Economic Policy, Western Economic Association International, vol. 19(2), pages 225-237, 04.
    4. Ronald G. Cummings & Charles A. Holt & Susan K. Laury, 2004. "Using laboratory experiments for policymaking: An example from the Georgia irrigation reduction auction," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 23(2), pages 341-363.
    5. Benjamin M. Simon, 1998. "Federal Acquisition Of Water Through Voluntary Transactions For Environmental Purposes," Contemporary Economic Policy, Western Economic Association International, vol. 16(4), pages 422-432, October.
    6. Jan P. Crouter, 1987. "Hedonic Estimation Applied to a Water Rights Market," Land Economics, University of Wisconsin Press, vol. 63(3), pages 259-271.
    7. Jedidiah Brewer & Robert Glennon & Alan Ker & Gary Libecap, 2007. "Water Markets in the West: Prices, Trading, and Contractual Forms," ICER Working Papers 30-2007, ICER - International Centre for Economic Research.
    8. Howitt, Richard E., 1994. "Empirical analysis of water market institutions: The 1991 California water market," Resource and Energy Economics, Elsevier, vol. 16(4), pages 357-371, November.
    9. 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.
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