The High Plains region in West Texas has been the focus of water conservation policies for the last two decades because of rapid depletion of groundwater in this region. Groundwater is the only source of irrigation in this region of Texas with Ogallala serving as the major aquifer. In recent...

Economic studies have argued that transaction costs and third-party impact of water transfers can reduce the potential of water markets in allocating water efficiently across users. The main objective of this study is to design and empirically simulate a market structure, which can overcome the...

The design of effective market institutions for allocation of water among competing uses remains an economic challenge both at a theoretical and practical level. The public good characteristic of instream flows adds another layer of externality which complicates transfers between consumptive and...