This special issue collects research initially reported at two very different fora. The first was the International Symposium on Water Resource Management Efficiency, Equity and Policy . This conference was held in Cyprus, and was jointly organized by the University of Cyprus and University College London. It brought together many of the world s leading water resource economists.The editors acknowledge the sponsors of the conference: the Ministry of Agriculture, Natural Resources and the Environment of the Government of Cyprus; the European Commission, DGXII; Joannou Caramontanis Desalination Plants Ltd; and George P. Zachariades Ltd. The research reported at the conference was made possible by a research grant from the European Commission DGXII on Integrated Water Management in Cyprus: Economic and Institutional Foundations . Individual members of the Commission, especially Dr Panayiotis Balabanis and Dr Irene Gabriel, provided helpful advice and support. The results of this project are forthcoming in a European Commission publication under the title The Watershed Economics Management Approach: An Application to Cyprus . The second was the 6th Conference of the International Water and Resource Economics Consortium, held in Waikola, Hawaii. The consortium is a group of some 60 economists from the US, Europe, and elsewhere.