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900 University Avenue

University of California, Riverside

INTS 1113

Riverside, CA 92507

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"Thinking About Water Markets" - Michael Hanemann

(Wrigley Professor of Sustainability in the Department of Economics and the School of Sustainability at Arizona State University, and Chancellor's Professor Emeritus in the Department of Agricultural & Resource Economics and the Goldman School of Public Policy at UC Berkeley)

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Economists tend to make assumptions about water markets and transactions costs associated with water markets that, in fact, are unfounded. Rather than seeing markets through the lens of transactions costs, a more relevant approach is in terms of animosities and underlying opposition of interests, vacuums of political leadership, and bargaining failures in what are essentially cooperative games (my focus is domestic water policy, not international water policy). Also, there are some major design challenges impeding the establishment of water markets that are frequently ignored. These become all the more problematic when one considers the management of not just surface water but also groundwater, especially in California but also in other

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Michael Hanemann works on the economics of water, the economics of climate change and non-market valuation. He served as the economic staff for California’s State Water Resources Control Board as well as advising other agencies, and he has been involved in litigation on Indian water rights in Arizona and municipal water supply in California.

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900 University Avenue

University of California, Riverside

INTS 1113

Riverside, CA 92507

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