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dc.contributor.advisorSilver, Ira
dc.contributor.authorPulliam, Brent
dc.date2013-05-02
dc.date.accessioned2015-01-07T18:42:31Z
dc.date.available2015-01-07T18:42:31Z
dc.date.issued2013
dc.identifier265en_US
dc.identifier.urihttps://repository.tcu.edu/handle/116099117/7208
dc.description.abstractPopulation growth and urban demands, combined with recurring drought conditions, have led to increased water scarcity across the western United States. This scarcity has accentuated the need for more efficient allocation of water resources to the highest value users. Water markets have proven to be an effective mechanism for promoting allocative efficiency and providing price signals that indicate the value of water. A better understanding of the market variables and water right and transaction characteristics that affect water price determination enables market participants to make more informed consumption and purchase decisions. This study uses the hedonic pricing method to analyze the price determinants of 144 water right transactions in the state of Texas occurring between 1988 and 2009. The results of the hedonic model show that rural land values and per capita income levels are positively related with the price per committed acre-foot of water; urban users pay higher prices for water rights than other users; the per unit price of water decreases as transaction volume increases, as fixed transactions costs are spread over a greater quantity; and water rights transferred within the jurisdiction of a Texas Watermaster Program exhibit lower prices than those transferred in areas where this institutional structure does not exist.
dc.titleValuing Lone Star Water: An Analysis Of Price Determinants In Texas Water Markets
etd.degree.departmentFinance
local.collegeNeeley School of Business
local.collegeJohn V. Roach Honors College
local.departmentFinance


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