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

  • R. Quentin Grafton

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

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

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.

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Paper provided by Centre for Water Economics, Environment and Policy, Crawford School of Public Policy, The Australian National University in its series Centre for Water Economics, Environment and Policy Papers with number 0902.

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Length: 37
Date of creation: Feb 2009
Date of revision:
Handle: RePEc:een:cweanu:0902
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  1. 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 161-79, August.
  2. 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, 04.
  3. 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 S57-S65, 09.
  4. Scott, Anthony, 2008. "The Evolution of Resource Property Rights," OUP Catalogue, Oxford University Press, number 9780198286035, December.
  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. 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, 01.
  7. 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 273-88, October.
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