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3 U. Denv. Water L. Rev. 357 (1999-2000)
Protecting Public Values in a Water Market Setting: Improving Water Markets to Increase Economic Efficiency and Equity

handle is hein.journals/udenwr3 and id is 377 raw text is: COMMENTARIES PROTECTING PUBLIC VALUES IN A WATER MARKET SETTING: IMPROVING WATER MARKETS TO INCREASE ECONOMIC EFFICIENCY AND EQUITY CHARLES W. HOWE* I. The Importance of Flexible Reallocation of Existing W ater Supplies ................................................................. 357 II. Public Values that Are Inadequately Protected under Today's W ater M arkets ...................................................... 361 A. Social and Cultural Values Generated by Water .................... 361 B. Environmental, Recreational, and Ecosystem Values Generated by Watersystems: The Problem of Public G oods ............................... ..................................... 363 C. Public and Private Values Lost through Jurisdictional E xternalities ............................ ................................. 364 D. The Problem of Secondary Economic Impacts of Water Transfers and the Increasing Public Resistance to Water T ransfers ................................................................... 365 III. How Should Public Values Be Protected? ............................. 368 A. Protecting Social, Cultural, and Environmental Values ........... 369 B. Mitigating Jurisdictional Externalities through Geographical Expansion of Water Markets ......................... 369 C. Mitigating the Real Costs of Adjustment for B asins-of-O rigin .......................................................... 371 IV . Conclusion ..................................................................... 372 I. THE IMPORTANCE OF FLEXIBLE REALLOCATION OF EXISTING WATER SUPPLIES As urban areas, industry, and recreational and environmental uses of water expand, the issue of reallocation of existing supplies of water expands with them. Indeed, in light of the high economic and environmental costs of developing new water supplies, reallocation may be a necessary condition for further economic development of semi-arid f Charles W. Howe is Professor of Economics and Professional Staff, Environment and Behavior Program, Institute of Behavioral Science, University of Colorado at Boulder.

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