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Water Rights Markets: Social and Legal Considerations

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  • Victor Brajer
  • Wade E. Martin

Abstract

. Complete reliance on water rights marketsfor an efficient allocation fails to recognize the impact of currently existing social externalities and legal uncertainties. Specifically, it is possible that water may have a “community value” which may not be captured in the market price of a water right, there by precluding an efficient market solution. Also, there are uncertainties related to the legal/institutional process currently governing the use of western water which have the same implications for the standard notion of economic efficiency. These result primarily from inconsistencies in the application of certain legal principles, and the incomplete definition and assignment of ownership rights to the use of water.

Suggested Citation

  • Victor Brajer & Wade E. Martin, 1990. "Water Rights Markets: Social and Legal Considerations," American Journal of Economics and Sociology, Wiley Blackwell, vol. 49(1), pages 35-44, January.
    • Handle: RePEc:bla:ajecsc:v:49:y:1990:i:1:p:35-44
    DOI: 10.1111/j.1536-7150.1990.tb02257.x
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    Cited by:

    1. Sperow, Mark, 2004. "An Analysis Of The Economic Impact Of Water Transfers From Agricultural To Urban Uses," 2004 Annual meeting, August 1-4, Denver, CO 20327, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Easter, K. William & Feder, Gershon, 1996. "Water Institutions And Economic Incentives To Ameliorate Market And Government Failures," Staff Papers 14217, University of Minnesota, Department of Applied Economics.
    3. Whited, Melissa, 2010. "Economic Impacts of Irrigation Water Transfers on Uvalde County, Texas," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 40(2), pages 1-11.

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