Authors:
- Describes a specific and unique approach to water management - a “smart market” approach
- Explains how to implement smart markets for water, without polemic, but with technical detail and supporting theory
- Presents introductory as well as advanced content to serve readers with diverse levels of knowledge
Part of the book series: Global Issues in Water Policy (GLOB, volume 12)
Buy it now
Buying options
Tax calculation will be finalised at checkout
Other ways to access
This is a preview of subscription content, log in via an institution to check for access.
Table of contents (14 chapters)
-
Front Matter
-
Back Matter
About this book
Why is trade in wholesale water so rare, when markets can actively trade bread, tractors, and electricity? This book shows that water markets fail because of high transaction costs, resulting in inefficient allocations and unpredictable environmental effects. To overcome these obstacles, this book proposes a trading mechanism called a smart market. A smart market is an auction cleared with optimization. A smart market can reduce the transaction costs of water trading, while improving the environmental outcomes. The authors show why a smart market for water is needed, how it would work, and how to implement it.
The smart market described here uses a hydrology simulation of the water resource, user bids via the internet, and mathematical optimization, to maximize the economic value of water while meeting all environmental constraints.
The book provides the background to understand the smart market for water, and the detail to help the reader start working on its application. The book explores topics such as:
- Why water should be more expensive near sensitive environmental locations,
- Ways to set initial allocations of water rights,
- The role of regulatory oversight,
- How to counter objections to water markets.
The culmination of a decade of investigation, this book combines explanation, examples, and detail to inform policymakers, large water users, environmental organizations, researchers, and a thirsty public.
Authors and Affiliations
-
RAND Corporation, Santa Monica, USA
John F. Raffensperger
-
Department of Civil and Natural Resources Engineering, University of Canterbury, Christchurch, New Zealand
Mark W. Milke
Bibliographic Information
Book Title: Smart Markets for Water Resources
Book Subtitle: A Manual for Implementation
Authors: John F. Raffensperger, Mark W. Milke
Series Title: Global Issues in Water Policy
DOI: https://doi.org/10.1007/978-3-319-55008-4
Publisher: Springer Cham
eBook Packages: Earth and Environmental Science, Earth and Environmental Science (R0)
Copyright Information: Springer International Publishing AG 2017
Hardcover ISBN: 978-3-319-55007-7Published: 04 May 2017
Softcover ISBN: 978-3-319-85543-1Published: 25 July 2018
eBook ISBN: 978-3-319-55008-4Published: 20 April 2017
Series ISSN: 2211-0631
Series E-ISSN: 2211-0658
Edition Number: 1
Number of Pages: XXXII, 313
Number of Illustrations: 22 b/w illustrations, 22 illustrations in colour
Topics: Environmental Economics, Water Policy/Water Governance/Water Management, Hydrogeology, Operations Research, Management Science, Environmental Health, Energy Policy, Economics and Management