The design of effective market institutions for allocation of water among competing uses remains an economic challenge … externality which complicates transfers between consumptive and environmental water users, leading to the slow evolution of this … opportunity costs of water transfers, paving the way for a centralized market mechanism for water transfers among consumptive and …

Water policy experts contend that the United States is heading toward a water scarcity crisis in the coming years …. Global climate change is likely to make water scarcity much worse in the long run. This article argues that demands of … current and projected water management challenges can best be met through a greater reliance on water markets. To facilitate …