ISSN:
1752-1688
Source:
Blackwell Publishing Journal Backfiles 1879-2005
Topics:
Architecture, Civil Engineering, Surveying
,
Geography
Notes:
Past prices of Colorado-Big Thompson water shares were analyzed using an asset pricing model which incorporated the growth rate in real returns to irrigation water and the value of potential urban water uses. A real growth rate in the returns to irrigation water was estimated at 5.3 percent. Nevertheless, market values for water shares have exceeded capitalized agricultural values since 1969. Historically, urban use potential was heavily discounted, but the implicit discount rate fell rapidly in the last decade. The expectation that water shares will eventually be sold to municipal or industrial consumers now appears to be reflected fully in water prices.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1111/j.1752-1688.1983.tb02770.x