Water Rights Markets: Social and Legal Considerations

Victor Brajer and Wade E. Martin

American Journal of Economics and Sociology, 1990, vol. 49, issue 1, 35-44

Abstract: Abstract. Complete reliance on water rights marketsfor an efficient allocation fails to recognize the impact of currently existing social externalities and legal uncertainties. Specifically, it is possible that water may have a “community value” which may not be captured in the market price of a water right, there by precluding an efficient market solution. Also, there are uncertainties related to the legal/institutional process currently governing the use of western water which have the same implications for the standard notion of economic efficiency. These result primarily from inconsistencies in the application of certain legal principles, and the incomplete definition and assignment of ownership rights to the use of water.

Date: 1990
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