publication . Article . Other literature type . 2006

Water Policy Reform in Australia: Lessons from the Victorian Seasonal Water Market

Brennan, Donna C.; Brennan, Donna C.;
Open Access
  • Published: 01 Jan 2006 Journal: The Australian Journal of Agricultural and Resource Economics, volume 50, pages 403-423 (issn: 1364-985X, eissn: 1467-8489, Copyright policy)
  • Publisher: Wiley
Abstract
The nature of the seasonal water market is examined using a theoretical model and empirical evidence from the Victorian market. Drivers of the seasonal opportunity cost of water include the underlying nature of investment in the industry made in the context of risky entitlement yields; and the timing and nature of information regarding seasonal water availability and rainfall. Seasonal water markets facilitate the reallocation of water availability according to this short-run opportunity cost. Evidence from the market suggests that transactions costs are low and most of the existing constraints to trade in seasonal allocations are the result of hydrological cond...
Subjects
free text keywords: irrigation, water markets, water policy reform, Resource /Energy Economics and Policy,, Agricultural and Biological Sciences (miscellaneous), Economics and Econometrics, Empirical evidence, Irrigation, Property rights, Economics, Microeconomics, Opportunity cost, International trade and water, Agricultural economics, Water use, Market data, Entitlement, Resource /Energy Economics and Policy, water markets, water policy reform
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publication . Article . Other literature type . 2006

Water Policy Reform in Australia: Lessons from the Victorian Seasonal Water Market

Brennan, Donna C.; Brennan, Donna C.;