THE PRICE,WATER,MARKET BASED,STRATEGIES,COPE,SCARCITY,CALIFORNIA AGRICULTURE,UNIVERSITY OF CALIFORNIA,AGRICULTURE,NATURAL RESOURCES,SKIP,CONTENT,SHARE,PRINT,SITE MAP,FACEBOOK,TWITTER,GOOGLE PLUS,REDDIT,PINTEREST,TUMBLR,DELICIOUS,LINKEDIN,STUMBLEUPON,ENTER,SEARCH,TERMS,ARCHIVE,ADVANCED,ABOUT ABOUT,CONTACT,ASSOCIATE,VOLUME,NUMBER 2,RESEARCH ARTICLE,PREVIOUS,TABLE OF CONTENTS,AUTHORS,ABSTRACT,FULL TEXT,REFERENCES,CITATION,DAVID,CENTER FOR SUSTAINABLE,RESOURCE DEVELOPMENT,COOPERATIVE EXTENSION,SPECIALIST,DEPARTMENT OF AGRICULTURAL,RESOURCE ECONOMICS,PUBLICATION,INFORMATION,HTTPS,DOI ORG,PUBLISHED,MARCH 01,AUTHOR,SHOW,DIRECTOR,UC BERKELEY,POPULATION,ENVIRONMENTAL CONCERNS,INCREASING,DEMAND,CALIFORNIAS,WATER RESOURCES,HISTORICALLY,THE STATE,SHORTAGES,SUPPLY,THE COMING,EXISTING,EMERGING,USES,CREATE,MEANS,TECHNIQUES,FOUNDATION,WATER MANAGEMENT IN,THE NEXT,MARKETS,WATER USE EFFICIENCY,ACTIVE,CONJUNCTIVE USE,PRICES,COSTS,CONSERVATION,EFFICIENT,PATTERNS,VIEW,ENLARGEMENT,WATER SUPPLY,SYSTEMS,PRESSURE,VARIETY,SPHERES,DEMAND FOR WATER,SENSITIVITY,INCREASE,AMOUNT,STREAMS,RIVERS,WATER DEVELOPMENT,IN CALIFORNIA,OVER WATER,STORAGE,PROJECTS,REGION,PIPES,CANALS,THE HIGH,COST,BUILDING,DAMS,RESERVOIRS,DAMAGE,GOVERNMENTS,NEWFOUND,MANDATE,BALANCE,BUDGET,CONSTRUCTION OF,ALONE,SOLVE,CURRENT,PROBLEMS,WATER DISTRIBUTION,PRICING,VARIABLE,LOCAL,WATER SERVICE,PEOPLE,IRRIGATED,ACRES,FARMLAND,USDA,GOES,MUST,LIMITED,RESOURCES,AVAILABLE,SACRAMENTO,SAN JOAQUIN,COLORADO,JURISDICTION,RANGE,LESS THAN,ACRE FOOT,RETAIL,LEVEL,CALIFORNIA,WATER MANAGEMENT,SYSTEM,DECADES,NOTORIOUS,WATER WARS,THE 21ST CENTURY,THE 20TH CENTURY,ENCOURAGE,ALLOCATION OF WATER,WATER USE,INCENTIVES,DATE,WATER TRADING,TAKEN,THREE FORMS,INTERMITTENT,CRISIS,BANKS,THE DROUGHT,THE EARLY,1990S,SCALE,LONG TERM,URBAN AREAS,FINALLY,SPOT,THE SAN JOAQUIN VALLEY,DEVELOPED,TRADE,ANNUAL,ENTITLEMENTS,PAST,EXPERIENCE,COUPLED WITH,THEORETICAL,ARGUMENTS,BENEFITS,COMPETING,MARKET,BASIS,PRIORITY,QUEUING,DETERMINED,SENIOR,CLAIMS,CONTRAST,ECONOMIC,VALUES,WILLINGNESS TO PAY,PRODUCTIVE,HIGHEST,MODELING,SHOWS,REDUCE,THE COST,ENVIRONMENT,MARKET MECHANISM,USED TO,ACRE,FEET,BODY,GROWERS,THE CENTRAL,VALLEY,FARM,REDUCED,10 MILLION,SALES,DROP,WITHOUT WATER,NEARLY,REVENUES,FALL,RESULTS,FOLLOW,FACT,SENIORITY,WATER RIGHTS,CORRELATED,PRODUCTIVITY,THE CURRENT,JUNIOR,EVEN THOUGH,RIGHTS,OVERALL,CUT,THE ONLY,FACTOR,SOCIAL COST,QUALITY,RATHER,DEPEND,EXTENT,CONTEXTS,POLLUTION,PERMIT,TRADING,MINIMUM,ECONOMY,FOLLOWS FROM,OBSERVATIONS,THE BURDEN,SENSE,HIGH LEVEL,ENVIRONMENTAL QUALITY,GOVERNMENTAL,CONJUNCTION,NONPROFIT ORGANIZATIONS,ACTUALLY,PURCHASE,SELLERS,FUND,CONCEPT,HOLD,AREAS,THE WEST,POPULAR,LAND CONSERVATION,THE CONSERVATION,RESERVE,PROGRAM,COPING WITH,DROUGHT,SAFETY VALVE,IN TIMES,VALUE,AGRICULTURAL SECTOR,AGRICULTURAL,URBAN,SURFACE,MATCH,MEANING,THE FIRST ONES,CHANGE,UNDERLYING,BUYING,SELL,THOUSANDS,WESTLANDS WATER DISTRICT,VIABILITY,MARKETING,BARRIERS,LOWERED,INTERESTING,CONNECTION,THE SCOPE,CAPITAL,THE SITUATION,CALFED,GRAPPLE,HOW TO,CONFIGURE,WATER INFRASTRUCTURE,THE NEXT GENERATION,CITIES,CLAMOR,LACK,PRESSURE OFF,CUT IN,RECENT,STUDY,MORENO,HALF,BENEFIT,FEDERAL AND STATE,TAXPAYERS,FOOT,THE BILL,ENVIRONMENTALLY SENSITIVE,DELIVERY,INFRASTRUCTURE,POTENTIAL,INTER,EQUILIBRIUM,TRADED,INTUITION,BEHIND,FINDING,AVERAGE,MARGINAL,PARTICULARLY,SECTOR,HIGH,IN EXCESS,APPLICATIONS,DROP OFF,NUMBER,DOCUMENT,PRICE ELASTICITY OF DEMAND,RESIDENTIAL,INDUSTRIAL WATER,DO NOT,DECLINE,EXAMPLE,PRODUCTION,IRRIGATION,ECONOMIC EQUILIBRIUM,MODEST,WATER SYSTEM,ADOPTION,TURN,OWENS VALLEY,RECENTLY,VIRTUALLY,THE CITY OF LOS ANGELES,IMPACT,RURAL,COMMUNITIES,SELLING,REGIONS,OBJECTION,CONCEPTUAL ANALYSIS,COMMUNITY,QUANTITATIVE,EVIDENCE,REGIONAL,HARD,FIND,PRIMARY,SIMULATION,MEASURE,COUNTY,INCOME,CHANGES,BANK,YOLO,SOLANO,COUNTIES,REDUCTION,THIRD PARTY,MASK,VARIATION,INDIVIDUALS,PERMANENT,TRANSFER,LEAD,SUBSTANTIAL,THE LOCAL,TYPE,ALMOST,UNKNOWN,HOWE,OF 10,THE ARKANSAS,OPTION,TRANSACTIONS,SPOT MARKET,OPTION CONTRACT,REMAINS,FARMING,THE MAJORITY,THE YEARS,THE SELLER,THE FARM,INPUT,SUPPLIERS,THE FARMER,THE REGION,THE STREAM,PAYMENTS,ADDS,NEGOTIATION,CONTRACTS,OPPORTUNITY,NEGOTIATE,COMPENSATION,ENVIRONMENTAL IMPACT,DOCUMENTATION,ROLE,THE PROCESS,THE LAST,DIVERTED,OWENS LAKE,LOS ANGELES,PUBLIC,PUSHED,THE RETURN OF,LAKES,THE FUTURE,LEGAL,CONVEYANCE,GEOGRAPHIC,SCOPE,GOOD,THE WESTERN,CAREY,WESTLANDS,LARGEST,DISTRICT,VALLEY PROJECT,COVERING,FARMS,COMPLETE,HUNDREDS,CONTRACT,THE U S,BUREAU OF RECLAMATION,FULL,THE ACTUAL,THE DISTRICT,LESS,COMBINATION,ENVIRONMENTAL REGULATIONS,STREAM,FLOWS,TABLE,IN THE WET,YEAR OF,THE VOLUME,GREATER,THE ANNUAL,IMPRESSIVE,NOTE,FARMERS,ENTITLEMENT,BEHAVIOR,GLIMPSE,INTO THE FUTURE,AS IT,THE BEST,ROUTINE,LOW COST,RATIONAL,PROBLEM,DEVELOPMENT OF,ABILITY,WHEEL,WESTERN STATES,WATER CONVEYANCE,PATCHWORK,NATURAL,COMPLEX,PRIVATE,GOVERNMENT INVESTMENT,THIS NETWORK,TIED,OWNERSHIP,CAPACITY,SOURCES,FINANCE,DEVELOP,EXCLUSIVE,DOMAIN,CONFER,DE FACTO MONOPOLY,CLARIFICATION,OUTSIDE,FUNCTIONAL,PRACTICAL,DEFINING,DEFINE,THE TRANSFER,SHOULD,FOR SA