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Vol 23 No 5 May/June 2018

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The Role of Government in Water Markets

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ISBN13: 9781138655744
Published: December 2016
Publisher: Routledge
Country of Publication: UK
Format: Hardback
Price: £115.00

Despatched in 4 to 6 days.

Water is an increasingly scarce resource in developed regions all over the world. Current methods to allocate it are not economically or environmentally efficient, but water markets offer one potential solution in the form of a regulatory response to water scarcity. The debate on water markets is often polarized. Proponents of water markets portray them as systems where government is out of the picture, but some oppose markets because they believe water should not be commodified but administered by public agencies. Casado-Perez argues that both sides of the debate are misguided, and that water markets require a deeper and more varied governmental intervention than markets for other goods. Drawing on economic theories of regulation based on market failure, she offers an explanation of the different roles government should play to ensure a functioning water market, and suggests that governments might have to take a leading role if a water market is to work properly. To analyse what impact roles government actually have on water markets operation, Casado-Perez examines case studies of California and Spain to assess the success of their water markets. She explores in depth why water markets have been more extensively institutionalized in California than in Spain in the ten years since they were introduced, and how the role of government in each study impacts water market operation. This unique analysis of governmental role in water markets, alongside quantitative studies of California and Spain, offers valuable scholarship in this increasingly important topic and will be of interest to students, practitioners and policymakers in water law.

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Energy and Natural Resources Law
Most frequently Used Acronyms

Chapter 1. Scarcity, droughts, and the gap to be filled by water markets
1.1. Introduction: a Toolkit for Governing Scarcity
1.2. Water Scarcity, an All-Too-Common Problem
1.3. Potential Solutions to Water Scarcity
1.3.1. Supply side strategies
1.3.2. Demand side strategies
1.3.3. Markets
1.4. Water Governance Models
1.5. Centralized Administrative Systems
1.6. Water Markets
1.6.1. Definition
1.6.2. Typology
1.7. Critiques of Centralized Administrative Systems and Advantages of Water Markets
1.7.1. Markets as information aggregators: pricing water at its real value
1.7.2. Markets as innovation spurs
1.7.3. Markets as uncertainty management tools
1.7.4. Markets as a shield from politically-driven decisions

Chapter 2. Market failures and Governmental Roles
The Case for Water Markets: A Literature Review
A normative debate
Policy oriented literature
Governmental Roles: Market Failures
Definition of Property Rights
Property rights as public goods
Variables in the property rights definition
Instream flow protection
Enforcement of Property Rights or Externalities
Different mechanisms to ensure that the effects on third parties or the environment resulting from a transaction are internalized
Externalities on communities: a contested concept and a political necessity
Management of water infrastructure: third party access
Market Maker
Information and Recording

Chapter 3.Roadmap to the Case Studies
3.2. the Master and the Purported Disciple: California and Spain
3.3. Dependent Variable: Market Success and Market Activity
3.3.1. Data sources
3.3.2. Proxies for the Dependent Variable
3.4. Timeline
3.5. Explanatory Variables
3.5.1. General analysis
3.5.2. Scarcity
3.5.3. Governmental Roles: operationalizing the variable
3.5.4. A note on interest group pressure as a precursor of governmental action

Chapter 4.California’s Water Markets
4.1. Introduction
4.2. Overview of Water Management and Water Rights in California
4.2.1. Types of water rights
4.2.2. California’s allocation of power over water management
4.3. Overview of the Evolution of Water Market Regulations
4.4. Market Activity from 1991 to 2000
4.5. The Role of Natural and Regulatory Scarcity
4.6. Governmental Roles
4.6.1. The uncontested governmental role in water markets: definition of property rights
4.6.2. Externalities
4.6.3. Infrastructure: provision and management
4.6.4. Market maker
4.7. Conclusions

Chapter 5. Spanish Water Markets
5.1. Introduction
5.2. Spanish Allocation of Power Over Water Management
5.3. Water Rights in Spain: Administrative Concessions
5.3.1.General overview of the property rights over water
5.3.2.Concessions for water use
5.3.3.Private property rights
Irrigation rights in irrigation areas of public initiative
5.4. Evolution of Water Market Regulations, Prompted by Scarcity
5.4.1. Content of the amendment
5.4.2. Political debate on the amendment
5.4.3. Evolution of water market regulation
5.5. Transaction Figures: Were Water Markets in Spain Active?
5.5.1. Data shortcomings
5.5.2. Not so active markets and the mediated role of scarcity
5.6. Governmental Roles
5.6.1. The uncontested governmental role in water markets: definition of property rights
5.6.2. Externalities: apparently not a major concern
5.6.3. Infrastructure: insufficient common carrier duty
5.6.4. Market maker role
5.7. Conclusions

Chapter 6. Comparison Between Water Markets in California and in Spain
6.1. Introduction
6.2. Dependent Variable: Water Market Activity
6.3. Fulfillment of Governmental Roles: Comparison and Critique
6.3.1. Definition of property rights
6.3.2. Enforcement of property rights or externalities
6.3.3. Infrastructure management
6.3.4. Market maker
6.4. Concluding Remarks