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Water Rights for Variable Supplies

Listed author(s):
  • Freebairn, John
  • Quiggin, John

The relative merits of different property right systems to allocate water among different extractive uses where variability of supply is important are evaluated. Three systems of property rights are considered. In the first, variable supply is dealt with through the use of water rights defined as shares of the total quantity available. In the second, there are two types of water rights, one for water with a high security of supply and the other a low-security right for the residual supply. The third is a system of state-contingent claims. With zero transaction costs, all systems are efficient. In the realistic situation where transaction costs matter, the state-contingent claims system is globally optimal, and the system with high-security and low-security rights is preferable to the system with share allocations.

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File URL: http://purl.umn.edu/149838
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Paper provided by University of Queensland, School of Economics in its series Risk and Sustainable Management Group Working Papers with number 149838.

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Date of creation: May 2005
Handle: RePEc:ags:uqsers:149838
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  1. John Quiggin, 2006. "Repurchase of renewal rights: a policy option for the National Water Initiative ," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 50(3), pages 425-435, 09.
  2. Pesendorfer Wolfgang, 1995. "Financial Innovation in a General Equilibrium Model," Journal of Economic Theory, Elsevier, vol. 65(1), pages 79-116, February.
  3. Chambers,Robert G. & Quiggin,John, 2000. "Uncertainty, Production, Choice, and Agency," Cambridge Books, Cambridge University Press, number 9780521622448, August.
  4. 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.
  5. Crase, Lin & O'Reilly, Leo & Dollery, Brian, 2000. "Water markets as a vehicle for water reform: the case of New South Wales," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 44(2), June.
  6. Ross, Stephen A, 1987. "Arbitrage and Martingales with Taxation," Journal of Political Economy, University of Chicago Press, vol. 95(2), pages 371-393, April.
  7. Alaouze, Chris M, 1991. "Intertemporal Water Transfers and Drought," Australian Economic Papers, Wiley Blackwell, vol. 30(56), pages 114-127, June.
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