Donna, Javier; Espin-Sanchez, Jose-Antonio - 2013
the town for over 700 years, to a system of fixed quotas with a ban on trading, to allocate water from the town's river …In 1966, the irrigation community in Mula (Murcia, Spain) switched from a market (auction), which had been in place in …. We present a model, in which farmers face liquidity constraints to explain why the change took place. We show that water …