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- Title
Water Rights Markets: Social and Legal Considerations: Resource's 'Community' Value, Legal Inconsistancies and Vague Definition and Assignment of Rights Color Issues.
- Authors
Brajer, Victor; Martin, Wade E.
- Abstract
Complete reliance on water rights markets for 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, thereby precluding an efficient market solution. Also, there are uncertainties related to the legal/instilutional 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.
- Subjects
WATER rights; MARKETS; MARKET prices; EXTERNALITIES; RIPARIAN rights; WATER laws
- Publication
American Journal of Economics & Sociology, 1990, Vol 49, Issue 1, p35
- ISSN
0002-9246
- Publication type
Article
- DOI
10.1111/j.1536-7150.1990.tb02257.x