The Hilmer Report focuses primarily on the very important issues of legislative and regulatory measures to directly reduce monopolistic structures and conduct. This article argues that competition policy also should embrace measures to reduce transaction costs. Lower transaction costs increase...

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...