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Institutions, third-parties, and water markets: an analysis of the role of water rights, the no-injury rule, and Water Code 386 on water markets in California counties: Author: Dutkowsky, Monique Renee; Date: 2009-05-15; Program: Applied Economics; Abstract: Given the apparently large potential gains from the trade of water, why do we observe so few market transactions? This paper argues that policy-driven transaction costs are an important trade-hindering factor. More specifically, this paper examines the allocation of property rights under the No-Injury Rule, which gives rights to riparian users, and Water Code 386, which gives quasi-blocking rights to third-parties, making water rights less clear. Both laws are predicted to decrease the likelihood of observing an active export market and the volume of exports in the county. To test these predic...; Download File | View full details