The ideal water contract for a heterogeneous population of users is a prioritized right that is fully vested and fully tradable. A set of tradable, prioritized rights contracts will span the same space as the Debreu contingent commodities. Therefore, they lead to a competitive equilibrium that...

We link farmland values to climatic, soil, and socioeconomic variables for counties east of the 100th meridian, the historic boundary of agriculture not primarily dependent on irrigation. Degree days, a non-linear transformation of the climatic variables suggested by agronomic experiments as...

The ideal water contract for a heterogeneous population of users is a prioritized right that is fully vested and fully tradable. A set of tradable, prioritized rights contracts will span the same space as the Debreu contingent commodities. Therefore, they lead to a competitive equilibrium that...