During the drought year of 1977, unusually low river flows during the summer caused the City of Fort Collins, Colorado, to institute lawn watering restrictions for six weeks as a conservation measure. Water use during the restriction period decreased 41 percent below the previous year. The effectiveness of the restrictions, however, has been unclear because abnormally wet weather also appeared to reduce evapotranspiration rates during the period the restrictions were in effect. The statistical analysis indicates that the reduction in water use due to lawn watering restrictions was 603 acre-feet and that abnormal weather reduced use by an additional 659 acre-feet during the same period. During a period of normal evapotranspiration rates, such restrictions would be expected to reduce Fort Collins municipal water usage by 19.7 percent. (KEY TERMS: municipal water use; water conservation; evapotranspiration; drought .)
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.
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