Problem
This article considers the fact that water is a scarce natural resource and that designing institutions that will maximize its use in a beneficial way is of the utmost importance. The concern of the authors in this article is to understand the ways water is assessed for its economic value. The authors of this article consider what are the most important factors when deriving estimates for water use. They are concerned primarily with establishing common baseline denominators for water values concerning quality, time, location and quantity, as well as identifying the proper point of view from which the values ...
