Abstract
This chapter describes six prerequisites for a water market. The first five of these prerequisites should be met even if the policymaker does not have the goal of an active market; they are simply good management. First, stakeholders should share trust. Second, the regulator must have a hydrological model that describes the water flows with a level of accuracy acceptable to the community. Third, the regulator must specify the required environmental flows. Fourth, users must meter their water use. Fifth, the regulator must record and manage water rights and use. Sixth, the regulator must grant relevant parties full legal ability to trade, with as few impediments as reasonably possible.
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Raffensperger, J.F., Milke, M.W. (2017). Prerequisites for Implementation. In: Smart Markets for Water Resources. Global Issues in Water Policy, vol 12. Springer, Cham. https://doi.org/10.1007/978-3-319-55008-4_5
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DOI: https://doi.org/10.1007/978-3-319-55008-4_5
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