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Water Markets: Australia's Murray Darling Basin and the US Southwest

Author

Listed:
  • R. Quentin Grafton

    (Crawford School of Public Policy, The Australian National University, Australia)

  • Clay Landry
  • Gary D. Libecap
  • R.J. (Bob) O'Brien

Abstract

Although fresh water is abundant at a global level, only a tiny amount, less than 0.3 %, is easily accessible for human use (Dinar et al., 2007). An increasing amount of this water is utilized, with global water withdrawals tripling since 1950. Presently, 70 % of the world’s population lives in countries that withdraw more than 40 % of the available water resources. If current trends continue, by 2025 up to a third of humanity will be living in countries in regions where water withdrawals exceed 60 % of the amount available (Shiklomanov, 2003). At these levels of withdrawal there will be insufficient fresh water to maintain many existing natural habitats, and inhabitants will face acute water shortages, especially in times of drought.

Suggested Citation

  • 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.
  • Handle: RePEc:een:cweanu:0902
    as

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    File URL: http://cweep.anu.edu.au/pdf/publications/research_papers/09-02_WaterMarkets.pdf
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    References listed on IDEAS

    as
    1. Jedidiah Brewer & Gary D. Libecap, 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), pages 1-17, January.
    2. Johnson, Ronald N & Gisser, Micha, 1981. "The Definition of a Surface Water Right and Transferability," Journal of Law and Economics, University of Chicago Press, vol. 24(2), pages 273-288, October.
    3. Scott, Anthony, 2008. "The Evolution of Resource Property Rights," OUP Catalogue, Oxford University Press, number 9780198286035.
    4. Jedidiah Brewer & Robert Glennon & Alan Ker & Gary Libecap, 2008. "2006 Presidential Address Water Markets In The West: Prices, Trading, And Contractual Forms," Economic Inquiry, Western Economic Association International, vol. 46(2), pages 91-112, April.
    5. Thobani, Mateen, 1997. "Formal Water Markets: Why, When, and How to Introduce Tradable Water Rights," World Bank Research Observer, World Bank Group, vol. 12(2), pages 161-179, August.
    6. 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.
    7. R. Quentin Grafton & Michael B. Ward, 2008. "Prices versus Rationing: Marshallian Surplus and Mandatory Water Restrictions," The Economic Record, The Economic Society of Australia, vol. 84(s1), pages 57-65, September.
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    Cited by:

    1. R. Quentin Grafton & Clay Landry & Gary D. Libecap & Sam McGlennon & Bob O’Brien, 2010. "An Integrated Assessment of Water Markets: Australia, Chile, China, South Africa and the USA," ICER Working Papers 32-2010, ICER - International Centre for Economic Research.
    2. Broadbent, Craig D. & Brookshire, David S. & Coursey, Don & Tidwell, Vince, 2014. "An experimental analysis of water leasing markets focusing on the agricultural sector," Agricultural Water Management, Elsevier, vol. 142(C), pages 88-98.
    3. He, Lixia & Horbulyk, Theodore M. & Ali, Md. Kamar & Le Roy, Danny G. & Klein, K.K., 2012. "Proportional water sharing vs. seniority-based allocation in the Bow River basin of Southern Alberta," Agricultural Water Management, Elsevier, vol. 104(C), pages 21-31.

    More about this item

    JEL classification:

    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • N5 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries
    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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