Water Markets and Storage — Substitutes or Complements for Drought Risk Mitigation?

Author:

Yoder Jonathan1,Brady Micheal1,Cook Joseph2

Affiliation:

1. Washington State University, Pullman, WA, USA

2. University of Washington, USA

Abstract

Are water storage and water markets complements or substitutes? This paper examines the conditions under which water storage for drought risk mitigation augments or attenuates water market gains from trade, and conversely, the conditions under which water markets augment or attenuate the value of additional water storage. The analysis is performed in the context of the Prior Appropriations doctrine in a fully appropriated basin. Two stylized examples based on water use at the intensive and extensive margin are provided, along with simulation results for proposed water storage projects and market development in the Yakima Basin in South-central Washington State.

Publisher

World Scientific Pub Co Pte Lt

Subject

Management, Monitoring, Policy and Law,Economics and Econometrics,Water Science and Technology,Business and International Management

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