The Effect of Regulation Uncertainty on Water-Right Prices: The Case of the Loa Basin in the Antofagasta Region of Chile
This paper analyzes institutional arrangements that impose barriers to voluntary water transfers in the Loa basin, in northern Chile, and their impact on water prices in the market. We focus on restrictions imposed by the Chilean Water Authority (Dirección General de Aguas: DGA). These affect changes in water-diversion location and changes in the nature or type of water use. We hypothesize that these restrictions help explain why mining companies instead of acquiring additional water rights in the market prefer desalination, in spite of the high relative prices. With data for the Antofagasta Region, in Northern Chile, we provide evidence to support this hypothesis.
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- 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.
- 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.
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