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Descripción
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| This article examines how water markets work under unstable climatic conditions.We know from theoretical work by Calatrava and Garrido (2005a, 2005b) that water markets can reduce the costs of water supply variability. Gómez-Ramos and Garrido and Howitt show that water options contracts could improve senior users¿ access to scarce resources at a lower cost than other alternative structural solutions. Those that sell water under scarcity conditions can also benefit from the revenue generated by selling all or part of the use rights. As Tsur and Graham-Tomasi have shown, a new source of supply provides significant stabilization value in addition to supplemental value.Water trading can enable users to find supplemental units, adding consumption and stabilization services. Water banks were successfully implemented in California in 1994 and 1995(Carter, Vaux and Scheuring; Easter, Rosegrant and Dinar). Following the experience of forerunners in water sector liberalization, such as the U.S., Chile,and Australia, Spain amended its 1985Water Law in 1999 to permit water right holders to exchange their water rights (Garrido 2006). In countries where water rights were assigned by the State, water markets can be designed ex novo by changing the way water rights are defined and enacting new market rules. By dissociating land and water rights, as well as water titles and use rights, users could pursue any possible strategy to maximize benefits using the market as a primary source of information on water scarcity. | |
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Internacional
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Si |
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JCR del ISI
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Si |
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Título de la revista
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REV AGR ECON |
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ISSN
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1058-7195 |
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Factor de impacto JCR
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0,469 |
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Información de impacto
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Volumen
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29 |
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DOI
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Número de revista
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3 |
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Desde la página
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520 |
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Hasta la página
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530 |
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Mes
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