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Double trouble: The importance of accounting for and defining water entitlements consistent with hydrological realities (Conference title: Water Trading in the MDBC: How well is the market functioning?)

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  • Young, Michael D.
  • McColl, James C.

Abstract

When water entitlement and water sharing systems are mis-specified, that is specified in a manner that lacks hydrological integrity, inefficient investment and water use is the result. Using Australia's Murray Darling Basin as an example, this paper attempts to reveal the economic consequences of entitlement mis-specification. Options for specification of entitlement and allocation systems in a way that has hydrological integrity are presented. It is reasoned, that if entitlement and allocation system were set up in this manner the result would be an efficient allocation regime that would autonomously adjust to climatic shifts, changes in prices and changes in technology whilst maintaining environmental integrity.

Suggested Citation

  • Young, Michael D. & McColl, James C., 2008. "Double trouble: The importance of accounting for and defining water entitlements consistent with hydrological realities (Conference title: Water Trading in the MDBC: How well is the market functioning," 2008 Conference (52nd), February 5-8, 2008, Canberra, Australia 6037, Australian Agricultural and Resource Economics Society.
  • Handle: RePEc:ags:aare08:6037
    DOI: 10.22004/ag.econ.6037
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    File URL: http://ageconsearch.umn.edu/record/6037/files/cp08yo01.pdf
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    References listed on IDEAS

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    1. M. D. Young & J. C. McColl, 2003. "Robust Reform: The Case for a New Water Entitlement System for Australia," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 36(2), pages 225-234, June.
    2. Mike Young & Jim McColl, 2002. "Robust Separation:A search for a generic framework to simplify registration and trading of interests in natural resources," Natural Resource Management Economics 02_004, Policy and Economic Research Unit, CSIRO Land and Water, Adelaide, Australia.
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    Keywords

    Resource /Energy Economics and Policy;

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