Economic and Planning Issues Relevant for the Management of Interstate Water Resources
Cummings, Ronald G.
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Prices can be used as an effective tool for providing incentives for efficient water use. Under ideal conditions prices will reflect the true scarcity of water in a region and can then provide extraordinarily valuable information as to “efficient” patterns of intrastate and interstate water uses. Water markets can provide such prices. The strengths and weaknesses of water markets are reviewed in this paper.