WWRC 94-06
Determinants and Trends in Water Right Prices: An Econometric Analysis
Abstract
This study analyzes water right price variation over time. A model based on
rational expectations theory is constructed to analyze relationships between identified
potential price determinants and water right market prices. The potential effects of
speculation also are examined from a theoretical standpoint. Prices of Colorado-Big
Thompson project water shares are used to test the theoretical model. The analysis
suggests that, more than returns to irrigation, economic and market factors may explain
most of price variation.
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