The evolution of markets for water : theory and practice in Australia This book presents a detailed picture of the evolutionary processes at work in water markets with a particular focus on theory and practice in Australia. Policymakers are striving to strike a balance between the pros and cons of a property rights market based approach to the allocation of water resources as opposed to an approach that centres on government regulation. The current movement in Australia is toward the use of markets and numerous reforms are either underway or under consideration in that direction. This provides an ideal opportunity to observe the factors at play in determining the balance and hence the mix of policy instruments at work. The distinguished contributors offer a range of perspectives economic legal environmental and combine conceptual analysis with evidence from real policy decisions 1. Markets and government an evolving balance 2. Principles and issues for effective Australian water markets 3. The historical variation in water rights 4. State administration versus private innovation : the evolution of property rights to water in Victoria Australia 5. A property framework for water markets : the role of law 6. Registration of water titles : key issues in developing systems to underpin market development 7. Accounting for water flows : are entitlements to water complete and defensible and does this matter 8. Potential efficiency gains from water trading in Queensland 9. Water trading instruments in Australia : some thoughts on future development of Australian water markets 10. Realising environmental demands in water markets