Dynamic Recontracting of Water Rights
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Scarcity of water has become a major issue facing many nations around
the world. To improve the efficiency of water usage there has been consid-
erable interest in recent years in trading water. A major issue in trading
water rights is the problem of how an allocation system can be designed in
perpetuity that also has desirable properties at each point of time. This
is an isssue of the time consistency of the contract to trade water. In
this paper we develop a model of dynamic recontracting of water rights
and study time consistency properties of the resultant contracts using the
ideas of Filar and Petrosjan [7].