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Futures Contracts in Water Leasing: An Experimental Analysis Using Basin Characteristics of the Rio Grande, NM

机译：租赁中的期货合约：利用新墨西哥州里奥格兰德盆地特征的实验分析

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摘要

Providing for increased water demands during periods of persistent drought and climatic variability may require water managers, users and planners to think differently about how water resources are allocated. A water marketing institution that allows water rights holders to reallocate water on a temporary basis could overcome these challenges with minimal conflict. In this paper, a water marketing institution that allows for the temporary reallocation of water rights in a spot and futures market is investigated. The results provide insight into three key questions: (1) how does trading impact the physical system, (2) does the value of water differ by trading agents, (3) how is economic welfare redistributed as a result of trading? Results of experimental treatments display minor impacts to the physical system, that prices differ across the different type of trading agents and the addition of a futures market has the ability to decrease market prices while increasing economic welfare as a futures market allows users to hedge against future water uncertainty.
机译：在持续干旱和气候变化时期提供更多的水，可能需要水管理者，用户和规划者对水资源的分配方式有所不同。一个允许水权持有人暂时重新分配水的水销售机构可以以最小的冲突克服这些挑战。本文研究了一种允许在现货和期货市场中临时重新分配水权的水销售机构。结果提供了对三个关键问题的洞察力：（1）贸易如何影响物理系统；（2）贸易代理人的水价是否有所不同；（3）贸易带来的经济福利如何重新分配？实验处理的结果显示对物理系统的影响很小，不同类型的贸易代理商的价格不同，并且期货市场的增加能够降低市场价格，同时增加经济福利，因为期货市场允许用户对冲未来水的不确定性。

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