“…Usually, these positive economic effects are largely explained by the expansion of more efficient new water users, the adoption of water conserving technologies and the elimination of unnecessary or non-cost-effective uses of water (Zilberman & Schoengold, 2005). Indeed, in empirical terms, researchers have shown that water markets have made significant income contributions to many regional and national economies, such as Spain (Lee & Jouravlev, 1998), Australia (Peterson et al, 2004;Crase & Dollery, 2006;Brooks & Harris, 2008;Qureshi et al, 2009) and the United States (Bjornlund & McKay, 2002;Grafton et al, 2012).…”