IDEAS home Printed from https://ideas.repec.org/a/taf/cijwxx/v29y2013i4p588-604.html
   My bibliography  Save this article

Price determination and efficiency in the market for water rights in New Mexico's Middle Rio Grande Basin

Author

Listed:
  • Matthew T. Payne
  • Mark Griffin Smith

Abstract

Water rights markets in the western United States have expanded over the last 40 years, as a result of population growth in the West and Southwest, and limited development of new storage. Until 2008, house prices, home construction and population growth appeared to be locked in an ever-increasing upward trend. With little historical experience to the contrary, water right market prices similarly appeared to be driven by real estate development. The collapse of the housing market in the last four years provides an opportunity to examine the connection between the real estate and water markets. It is found that Middle Rio Grande Basin water right prices are influenced by housing prices, per capita income in the buyer's county, buyer type, point of diversion, and transaction volume. However, significant price dispersion remains, raising the question of how efficiently this market is currently working.

Suggested Citation

  • Matthew T. Payne & Mark Griffin Smith, 2013. "Price determination and efficiency in the market for water rights in New Mexico's Middle Rio Grande Basin," International Journal of Water Resources Development, Taylor & Francis Journals, vol. 29(4), pages 588-604, December.
    • Handle: RePEc:taf:cijwxx:v:29:y:2013:i:4:p:588-604
    DOI: 10.1080/07900627.2012.730670
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/07900627.2012.730670
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/07900627.2012.730670?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Yi Liu & Peng Li & Zhiwei Zhang, 2018. "Resilient or Not: A Comparative Case Study of Ten Local Water Markets in China," Sustainability, MDPI, vol. 10(11), pages 1-16, November.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:cijwxx:v:29:y:2013:i:4:p:588-604. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/cijw20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.