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NBER Working Papers and Publications
|July 2010||An Integrated Assessment of Water Markets: Australia, Chile, China, South Africa and the USA|
with R. Quentin Grafton, Gary D. Libecap, Sam McGlennon, Robert O'Brien: w16203
The paper provides an integrated framework to assess water markets in terms of their institutional underpinnings and the three 'pillars' of integrated water resource management: economic efficiency, equity and environmental sustainability. This framework can be used: (1) to benchmark different water markets; (2) to track performance over time; and (3) to identify ways in which water markets might be adjusted by informed policy makers to achieve desired goals. The framework is used to identify strengths and limitations of water markets in: (1) Australia's Murray-Darling Basin; (2) Chile (in particular the Limarí Valley); (3) China (in particular, the North); (4) South Africa; and (5) the western United States. It identifies what water markets are currently able to contribute to integrated w...
Published: “An Integrated Assessment of Water Markets: A Cross-Country Comparison” R. Quentin Grafton, Gary D. Libecap, Samuel McGlennon, Clay Landry, and R.J. O’Brien, Review of Environmental Economics and Policy, volume 5, issue 2, summer 2011, 219–239
|March 2010||Water Markets: Australia's Murray-Darling Basin and the US Southwest|
with R. Quentin Grafton, Gary D. Libecap, Robert J. O'Brien: w15797
Fresh water supplies increasingly are under stress in many parts of the world due to rising populations, higher per capita incomes and corresponding consumption, greater environmental concerns, and the effects of climate change. Water rights and markets are part of the institutional menus for responding to these problems. We examine water markets in both Australia's MDB and the western US and their prospects for addressing water scarcity. The two regions share a number of important similarities including: climate variability that requires investment in reservoirs to make water available in low-rainfall periods; the need for internal and cross-border (state) water management; an historical major allocation of water to irrigators; increasing competition among different uses (agricultural, en...
Published: A Comparative Assessment of Water Markets: Insights from the Murray-Darling Basin of Australia and the Western US” by R. Quentin Grafton, Gary D. Libecap ,Eric C. Edwards, R.J. (Bob) O’Brien, Clay Landry, Water Policy 2012.