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The economic conception of water

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  • Hanemann, W. Michael

Abstract

This paper explains the economic conception of water - how economists think about water. It consists of two main sections. First, it reviews the economicconcept of value, explains how it is measured, and discusses how this has been applied to water in various ways. Then it considers the debate regarding whether or not water can, or should, be treated as an economic commodity, and discusses the ways in which water is the same as, or different than, other commodities from an economic point of view. While there are some distinctive emotive and symbolic features of water, there are also some distinctive economic features that make the demand and supply of water different and more complex than that of most other goods.

Suggested Citation

  • Hanemann, W. Michael, 2005. "The economic conception of water," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt08n4410n, Department of Agricultural & Resource Economics, UC Berkeley.
    • Handle: RePEc:cdl:agrebk:qt08n4410n
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    Cited by:

    1. Billy A. Ferguson & Paul Milgrom, 2024. "Market Design for Surface Water," NBER Chapters, in: New Directions in Market Design, National Bureau of Economic Research, Inc.
    2. Hodge, Graeme & McCallum, Tara, 2017. "Public innovation: An Australian regulatory case study," Utilities Policy, Elsevier, vol. 49(C), pages 20-29.
    3. Xenarios, Stefanos & Amarasinghe, Upali A. & Sharma, Bharat R., 2011. "Valuating agricultural water use and ecological services in agrarian economies: evidences from eastern India," IWMI Reports 158839, International Water Management Institute.
    4. Xenarios, Stefanos & Amarasinghe, Upali & Sharma, Bharat R., 2011. "Valuating agricultural water use and ecological services in agrarian economies: evidences from eastern India," IWMI Research Reports H043778, International Water Management Institute.
    5. 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.
    6. Dale Whittington, 2006. "Pricing Water and Sanitation Services," Human Development Occasional Papers (1992-2007) HDOCPA-2006-18, Human Development Report Office (HDRO), United Nations Development Programme (UNDP).
    7. Meeks, Robyn, 2018. "Property Rights and Water Access: Evidence from Land Titling in Rural Peru," World Development, Elsevier, vol. 102(C), pages 345-357.
    8. David Zetland & Bene Colenbrander, 2018. "Water Civilization: The Evolution of the Dutch Drinking Water Sector," Water Economics and Policy (WEP), World Scientific Publishing Co. Pte. Ltd., vol. 4(03), pages 1-36, July.
    9. Orgill-Meyer, Jennifer & Jeuland, Marc & Albert, Jeff & Cutler, Nathan, 2018. "Comparing Contingent Valuation and Averting Expenditure Estimates of the Costs of Irregular Water Supply," Ecological Economics, Elsevier, vol. 146(C), pages 250-264.

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