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Water Rights Heterogeneity And Price Determination: How Market And Product Attributes Affect Agricultural Water Market Prices

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  • Hadjigeorgalis, Ereney

Abstract

This research aims to further the understanding of price behavior in predominantly agricultural water markets through a hedonic estimation of the impact of market and product attributes on water rights prices in the Cachapoal River Valley of South-Central Chile. It is hypothesized that the price of a water right in the valley is primarily a function of the reliability of that water right (product attribute) and the increasing relative scarcity of water in the valley (market attribute). This article aims to test the joint hypotheses that reliability and relatively scarcity positively affect water rights prices. In addition, it will estimate the magnitude of these product and market attributes on market prices.

Suggested Citation

  • Hadjigeorgalis, Ereney, 2002. "Water Rights Heterogeneity And Price Determination: How Market And Product Attributes Affect Agricultural Water Market Prices," 2002 Annual meeting, July 28-31, Long Beach, CA 19790, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea02:19790
    DOI: 10.22004/ag.econ.19790
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    References listed on IDEAS

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    1. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    2. Mónica Ríos & Jorge Quiroz, 1995. "The Market of Water Rights in Chile: Major Issues," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 32(97), pages 317-346.
    3. Ronald C. Griffin & Shih-Hsun Hsu, 1993. "The Potential for Water Market Efficiency When Instream Flows Have Value," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(2), pages 292-303.
    4. Rosegrant, Mark W. & Binswanger, Hans P., 1994. "Markets in tradable water rights: Potential for efficiency gains in developing country water resource allocation," World Development, Elsevier, vol. 22(11), pages 1613-1625, November.
    5. Jan P. Crouter, 1987. "Hedonic Estimation Applied to a Water Rights Market," Land Economics, University of Wisconsin Press, vol. 63(3), pages 259-271.
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