@article{Crase:125588,
      recid = {125588},
      author = {Crase, Lin and Dollery, Brian and Lockwood, Michael},
      title = {Towards an Understanding of Static Transaction Costs in  the NSW Permanent Water Market: An Application of Choice  Modelling},
      address = {2001-01},
      number = {412-2016-25808},
      pages = {24},
      year = {2001},
      abstract = {The theoretical foundation of water market reforms  presumes that such institutions
will allow water to be  traded from relatively low-value to higher-value uses  and
simultaneously accomplish many of the economic and  environmental objectives
ascribed to water resource  managers. Numerous ex ante analyses have been
conducted to  model the impacts of entitlement markets, allocations for  the
environment and other recent legislative changes  pertaining to water (see, for
instance, Hall, Poulter and  Curtotti 1993; Crean et al. 1998). In general,  these
analyses support the market framework as a technique  for allocating water as it
becomes increasingly scarce.  However, a relative dearth of information exists about
the  impact of legislative change itself on the citizenry who  are required to assimilate
and conform to the changing  rules within a market setting. This paper explores  the
impact of the resulting attenuation of property rights  on the behaviour of potential
buyers and sellers of water  in the market for permanent water transfers in NSW.  The
paper uses a Choice Modelling approach to enumerate the  value of a more stable set
of property rights.},
      url = {http://ageconsearch.umn.edu/record/125588},
      doi = {https://doi.org/10.22004/ag.econ.125588},
}