The relative merits of different systems of property rights to allocate water amongdifferent extractive uses are evaluated for the case where variability of supply isimportant. Three systems of property rights are considered. In the first, variablesupply is dealt with through the use of water...

The relative merits of different systems of property rights to allocate water among different extractive uses are evaluated for the case where variability of supply is important. Three systems of property rights are considered. In the first, variable supply is dealt with through the use of water...