摘要：Water reform in NSW is being undertaken using an adaptive approach inrecognition of the uncertainty and imperfect knowledge embodied in the riverineenvironment. However, the reform process also relies, in part, on the ability ofmarkets for tradable water entitlements to develop and thereby assist in allocatingscarce water resources to their highest value use. This article explores impedimentsto the formation of e¤cient markets in permanent tradable water entitlements inNSW. The article concludes that more attention should be paid to market failuresand related problems which manifest themselves in thin markets for permanentwater entitlements.
