This paper estimates the value of water rights in the Phoenix Active Management Area (AMA), Arizona. Within AMAs groundwater rights cannot be transferred separately from the agricultural land to which they apply. As a result there is no separate market for ground water rights. The lack of a...

This paper estimates the value of water rights in a rapidly urbanizing semi-arid area: Phoenix, Arizona. To do this we use hedonic pricing to explore the impact of water rights on property values in 151 agricultural land transactions that occurred between 2001 and 2005. We test two main...