| The design of water markets when instream flows have value. | |
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MedLine Citation:
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PMID: 18499333 Owner: NLM Status: MEDLINE |
Abstract/OtherAbstract:
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The main objective of this paper is to design and test a decentralized exchange mechanism that generates the location-specific pricing necessary to achieve efficient allocations in the presence of instream flow values. Although a market-oriented approach has the potential to improve upon traditional command and control regulations, questions remain about how these rights-based institutions can be implemented such that the potential gains from liberalized trade can be realized. This article uses laboratory experiments to test three different water market institutions designed to incorporate instream flow values into the allocation mechanism through active participation of an environmental trader. The smart, computer-coordinated market described herein offers the potential to significantly reduce coordination problems and transaction costs associated with finding mutually beneficial trades that satisfy environmental constraints. We find that direct environmental participation in the market can achieve highly efficient and stable outcomes, although the potential does exist for the environmental agent to influence outcomes. |
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Authors:
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James J Murphy; Ariel Dinar; Richard E Howitt; Stephen J Rassenti; Vernon L Smith; Marca Weinberg |
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Publication Detail:
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Type: Journal Article; Research Support, Non-U.S. Gov't; Research Support, U.S. Gov't, Non-P.H.S. Date: 2008-05-21 |
Journal Detail:
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Title: Journal of environmental management Volume: 90 ISSN: 0301-4797 ISO Abbreviation: J. Environ. Manage. Publication Date: 2009 Feb |
Date Detail:
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Created Date: 2008-11-25 Completed Date: 2009-02-19 Revised Date: - |
Medline Journal Info:
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Nlm Unique ID: 0401664 Medline TA: J Environ Manage Country: England |
Other Details:
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Languages: eng Pagination: 1089-96 Citation Subset: IM |
Affiliation:
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Department of Economics, University of Alaska Anchorage, Rasmuson Hall, Anchorage, AK 99508, USA. jmurphy@cbpp.uaa.alaska.edu |
Export Citation:
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| MeSH Terms | |
Descriptor/Qualifier:
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Commerce Water Supply* |
From MEDLINE®/PubMed®, a database of the U.S. National Library of Medicine
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