Journal
AGRICULTURAL ECONOMICS
Volume 40, Issue 6, Pages 631-643Publisher
WILEY
DOI: 10.1111/j.1574-0862.2009.00404.x
Keywords
Q16; Q18; Q25; Water allocations; Water markets; Innovation; Water trading; Australia
Categories
Funding
- Australian Research Council
- Murray Darling Basin Authority
- Goulburn Murray Water
- NSW Department of Energy and Water
- Department of Sustainability and Environment
- University of Lethbridge, Canada
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This article applies a model of innovation to analyze the characteristics of irrigators within the Goulburn-Murray Irrigation District in Australia and examines the efficiency of the early water market in the late 1990s. Using multinominal and binary logit analyses we identify the factors associated with irrigators who sold or bought water allocations during 1998-1999 and irrigators who at that time had never participated in any kind of water trading. Contrary to expectations we find that early adopters of water trading were older farmers with low farm productivity, but that in line with theory they had higher levels of education, had spent less time farming, had larger irrigated area, farm operating surplus and farm assets, owned farms that were more intensively farmed, and were more progressive in their planning. There was only weak evidence to suggest that water moved from lower value uses to higher value uses, suggesting the water allocation market had limited efficiency in its' initial years.
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