Abstract:

Southern California faces growing difficulties with its water supply. While the underlying causes are physical, climatic, and demographic, the major impacts are going to be financial: water will continue to be available to satisfy the region’s needs, but it will become much more expensive, and it will require institutional and organizational adaptations which are difficult and have largely been avoided so far. Water marketing will need to play some role, but not in the manner that has often been discussed. The upcoming economic challenges for water management agencies are described and the implications for institutional adaptation are described.

Bio:

Michael Hanemann teaches water economics and environmental economics at Arizona State University. Prior to coming to ASU, he taught at UC Berkeley’s Department of Agricultural & Resource Economics for 35 years. He has consulted with a number of urban water agencies in California and served as the economic staff for the California State Water Resources Control Board. He is a member of the US National Academy of Sciences.

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