Short and Long term Effects of Water Markets
Keywords:
Private Investment, Water markets, Water scarcity, Production efficiency, Total production, Social costs, Transaction costs.Abstract
We aim at checking from a theoretical viewpoint the claims made about water markets in the literature. We prove that water markets improve farmers’ profits and production efficiency but do not necessarily improve total production and do not always encourage private investments. Taking into account the transaction cost of water markets and the social cost due to the inactivity of some farmers that may result from water markets, we prove that water markets do not always improve total surplus.
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