The economics of water : a survey of issues

This paper provides a survey of central issues addressed in research and policy on the economics of water. The paper starts with a discussion of water, its supply and demand, and the institutions that bring supply and demand together. Special attention is paid to the specific features and desirability of various price and rate structures of water. We also deal with several market failures that justify government intervention, while we finally discuss some of the policy issues that arise in water management.