This chapter reveals the problem of water allocation as a joint problem of hydrological interaction and externalities. The chapter describes the reason to use markets to allocate water. The chapter explains why most current methods of water allocation have a high transaction cost, and summarizes the problems that need to be solved to improve water allocation.
CITATION STYLE
Raffensperger, J. F., & Milke, M. W. (2017). Water allocation: The joint problem of interaction and transaction cost. In Global Issues in Water Policy (Vol. 12, pp. 1–17). Springer. https://doi.org/10.1007/978-3-319-55008-4_1
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