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Chinatown: Transaction Costs in Water Rights Exchanges: The Owens Valley Transfer to Los Angeles

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dc.contributor.author Libecap, Gary D.
dc.date.accessioned 2010-04-21T13:55:44Z
dc.date.available 2010-04-21T13:55:44Z
dc.date.issued 2004 en_US
dc.identifier.uri http://hdl.handle.net/10535/5715
dc.description.abstract "I explore the transaction costs that impede otherwise welfare-enhancing water rights transfers from low-value agriculture to high-value urban and environmental uses. Valuation disputes, bi-lateral monopoly conditions, and third-party effects are key factors. The study adds empirical content to basic transaction costs concepts. The focus is on the notorious Owens Valley water transfer to Los Angeles. Despite the fact that both groups of parties benefited from the transaction, the Owens Valley exchange serves today as a metaphor, cautioning any agricultural region against water sales to urban areas. Using new qualitative and quantitative evidence, especially for 1924-34, when most water-bearing land was purchased, I examine the bargaining between land and water rights owners and the Los Angeles Water Board to determine why it was so contentious and became so notorious. Implications for contemporary water rights negotiations are drawn." en_US
dc.language English en_US
dc.subject water resources en_US
dc.subject resource management en_US
dc.subject user groups en_US
dc.subject transaction costs en_US
dc.subject valuation en_US
dc.subject cost benefit analysis en_US
dc.subject urban affairs en_US
dc.title Chinatown: Transaction Costs in Water Rights Exchanges: The Owens Valley Transfer to Los Angeles en_US
dc.type Working Paper en_US
dc.type.methodology Case Study en_US
dc.coverage.region North America en_US
dc.coverage.country United States en_US
dc.subject.sector History en_US
dc.subject.sector Urban Commons en_US
dc.subject.sector Water Resource & Irrigation en_US

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