The Development of Water Rights in Colorado
Property rights will be more carefully defined and enforced when the value of a resource rises or the probability of losing the resource increases. A simple model is estimated on litigation data for Colorado to test this hypothesis. According to the model, the number of water rights cases will rise when the demand for water increases or the supply of water decreases. Several versions of such a model with a deterministic and, alternatively, a stochastic trend component are estimated. The estimates are robust across model type and confirm the theoretical conclusions on the determinants of water rights cases.
|Date of creation:||Sep 2004|
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