Smart Markets for Water Resources
A Manual for Implementation
Authors: Raffensperger, John F, Milke, Mark
- 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
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- About this book
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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.
- Why water should be more expensive near sensitive environmental locations,
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Bibliographic Information
- Bibliographic Information
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- Book Title
- Smart Markets for Water Resources
- Book Subtitle
- A Manual for Implementation
- Authors
-
- John F Raffensperger
- Mark Milke
- Series Title
- Global Issues in Water Policy
- Series Volume
- 12
- Copyright
- 2017
- Publisher
- Springer International Publishing
- Copyright Holder
- Springer International Publishing AG
- eBook ISBN
- 978-3-319-55008-4
- DOI
- 10.1007/978-3-319-55008-4
- Hardcover ISBN
- 978-3-319-55007-7
- Series ISSN
- 2211-0631
- Edition Number
- 1
- Number of Pages
- XXXII, 313
- Number of Illustrations and Tables
- 22 b/w illustrations, 22 illustrations in colour
- Topics
