Journal ArticleDOI
Efficient water market mechanisms to cope with water scarcity
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In this paper, the authors discuss the operational mechanism of a water exchange in Victoria, Australia, and analyze the outcome of the first five years of operation, and discuss the impact of water scarcity on rural communities.Abstract:
Water markets are increasingly being relied upon as an instrument to reallocate water between competing users under conditions of water scarcity, and within an environment of fully committed water resources. Without such a reallocation new irrigation developments cannot take place and economic developments will be forgone to the detriment of rural communities. There is therefore a need for continued development of a water market mechanism to ensure that this reallocation process can take place as efficiently as possible, and to alleviate the socio-economic impact of water scarcity. Since markets are still emerging around the world it is important to learn from operating markets. This paper discusses the operational mechanism of a water exchange in Victoria, Australia, and analyses the outcome of the first five years of operation.read more
Citations
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Journal ArticleDOI
Neoliberalizing Nature? Market Environmentalism in Water Supply in England and Wales
TL;DR: The 1989 privatization of the water supply sector in England and Wales is a much-cited model of market environmentalism, the introduction of market institutions to natural resource management as a means of reconciling goals of efficiency and environmental conservation as discussed by the authors.
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Efficiency gains from water markets: Empirical analysis of Watermove in Australia
TL;DR: In this article, the authors identify four important characteristics of water trading within the Watermove program: demand is highly responsive to price changes, supporting evidence that farmers’ participation is driven by the advantages water markets provide in reducing seasonal risk; some efficiency enhancing trades are prevented from taking place due to physical limitations of the delivery system.
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Price elasticity of water allocations demand in the Goulburn–Murray Irrigation District*
TL;DR: In this paper, price elasticity of demand for water allocations appears highly elastic, with elasticities strongly influenced by the season and drought, while supply elasticity is also elastic, albeit less elastic than demand using actual prices paid.
Journal ArticleDOI
Comparative assessment of water markets: insights from the Murray–Darling Basin of Australia and the Western USA
R. Quentin Grafton,Gary D. Libecap,Gary D. Libecap,Gary D. Libecap,Eric C. Edwards,R. J. O'Brien,Clay Landry +6 more
TL;DR: Water markets in Australia9s Murray-Darling Basin (MDB) and the western USA are compared in terms of their ability to allocate scarce water resources as mentioned in this paper, finding that the gains from trade in the MDB are worth hundreds of millions of dollars per year (note that all monetary units of dollars in this article are treated as US$ because Australian$ are converted at par).
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Does Private Management of Water Supply Services Really Increase Prices? An Empirical Analysis in Spain:
TL;DR: In this article, the authors tried to explain differences in the average price of domestic water supply services in Spain, paying special attention to the effects of privatisation of the service on price levels.
References
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Journal ArticleDOI
Defining the components of fairness in the allocation of water to environmental and human uses
TL;DR: In many countries, water allocation has become increasingly controversial as competition has increased. as discussed by the authors summarizes a research programme of seven studies over 10 years that has developed social psychological theories of justice, equity and fairness for application to the implementation and evaluation of water allocation decisions.
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Formal and informal markets for water : institutions, performance, and constraints
TL;DR: Water markets either formal or informal can be an efficient method for reallocating scarce water supplies as discussed by the authors, and they can provide appropriate economic incentives to improve the efficiency of water use and encourage the reallocation of water to higher valued uses without encountering the traditional opposition of existing water users.
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Aspects of water markets for developing countries: experiences from Australia, Chile, and the US
Henning Bjornlund,Jennifer McKay +1 more
TL;DR: In this paper, the authors examined the outcome of water trade in Southeastern Australia and combined with US and Chilean experiences to outline some lessons for the introduction of markets in developing countries.
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Farmer participation in markets for temporary and permanent water in southeastern Australia
TL;DR: Water market activities in an irrigation community in southeastern Australia during the first 10 years of operation, in order to establish the extent to which irrigators have become familiar with the use of markets and adopted the concept, and to identify factors impeding and driving the operations of markets for permanent and temporary water as discussed by the authors.
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Water markets as a vehicle for water reform: the case of New South Wales
TL;DR: In this article, the authors explore impediments to the formation of efficient markets in permanent tradable water entitlements in NSW and conclude that more attention should be paid to market failures and related problems which manifest themselves in thin markets for permanent water entitlement.