Recent droughts in the western United States have encouraged the growth of spot markets for water trading in states like California, which witnessed $95 million worth of water exchanged through these transfers during 2009. This article uses water transaction data from Water Strategist Monthly to investigate the effect of droughts on the volume of water transferred in four western states. A statistically significant effect of drought intensity on the volume and price of water is seen. Multiyear leases and sales have a larger effect than annual leases on the amount of water transferred annually.
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Sanchari Ghosh (2018) studied this question.
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