The impacts of climate change will be channeled primarily through the water cycle, with consequences that could be … large and uneven across the globe. Water-related climate risks cascade through food, energy, urban, and environmental … systems. Growing populations, rising incomes, and expanding cities will converge upon a world where the demand for water rises …

that rationing binds on input use, such that farmers, despite trivial prices for water extraction, use roughly the socially … optimal amount of water on average. The rationing regime is still grossly inefficient, because it misallocates water across …