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The Development of Water Rights in Colorado

Author

Listed:
  • David A. Penn
  • Joachim Zietz

Abstract

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.

Suggested Citation

  • David A. Penn & Joachim Zietz, 2004. "The Development of Water Rights in Colorado," Working Papers 200404, Middle Tennessee State University, Department of Economics and Finance.
    • Handle: RePEc:mts:wpaper:200404
    as

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    File URL: http://capone.mtsu.edu/berc/working/Penn-Zietz-04.pdf
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    References listed on IDEAS

    as
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    4. Phillips, P C B, 1987. "Time Series Regression with a Unit Root," Econometrica, Econometric Society, vol. 55(2), pages 277-301, March.
    5. Engle, Robert F, 1982. "Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation," Econometrica, Econometric Society, vol. 50(4), pages 987-1007, July.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Water Rights; Property Rights; Western U.S. History; Structural Time Series;
    All these keywords.

    JEL classification:

    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water
    • N41 - Economic History - - Government, War, Law, International Relations, and Regulation - - - U.S.; Canada: Pre-1913
    • N51 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - U.S.; Canada: Pre-1913

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