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ABSTRACT
Despite rising global interest in introducing water markets, only a small number of implemented markets function efficiently. Market intermediaries, by improving information flows and introducing market participants to trade, play a crucial role in initiating water markets. This article inductively generates profiles for different types of market intermediaries, which then can be applied to prevailing country contexts. The results demonstrate that generic criteria influencing the emergence or creation and success of market intermediaries can be inductively generated from existing water markets.
Notes
1. To meet ethical norms, all interviewees were briefed on their involvement in this research project and gave formal consent for the public use of their comments.
2. Water Strategist (today Journal of Water, http://journalofwater.com/jow/) is a publication that provides water transactions data. The Water Register is a public register of all water-related entitlements in Victoria (http://waterregister.vic.gov.au/).
3. This is the registry that was established by the 2005 reform of the Water Law and intended to provide transparent market information. Information for this registry is forwarded by local real estate registries throughout the nation. However, only 60% of the real estate registries reported transactions. Furthermore, many of the recorded transactions have incomplete information as to the price and the quantity of water transacted.
4. California: Macaulay interview; Victoria: Langford et al. (Citation1999).
5. California and Victoria: Turral (Citation1998).
6. California: Lund and Israel (Citation1995); Victoria: Malano, Bryant, and Turral (Citation1999); Chile: Donoso (Citation2006); Colorado: Zimbelman and Werner (Citation2008).
7. Personal correspondence with NCWCD.
8. Some local and in-district transfers occurred independently of the bank, the latter not requiring authorization from the state government due to internal share entitlements (Macaulay interview).
9. Trading platforms: Watermove and Waterexchange.
10. Chile: Codigo de Aguas, Art. 96; Victoria: MMBW Act 1958 (s68A) and Water Industry Act 1944 (s.65A), in Department of Natural Resources and Environment (Citation2001).
11. Victoria: Bjornlund (Citation2003); Chile: interview (Gomez).