Water derivatives: conceptualisation, price modelling and economic impacts

引入水期权可能会为农民提供更多的水分配交易选择，并提高水价的确定性。最近几个季节强调了水选择的潜在好处：过去水资源高度安全的地区一再遭受分配短缺。水的选择将改变水管理者的行为，他们需要确保有足够的水结转到未来的季节，以备干旱。选择权市场可以改善水在相互竞争的用户之间的分配。这种市场通过减少不确定性，可以改善供水保障，从而减少干旱造成的过度调整成本。

Introducing water options is likely to provide farmers with more choices on trading their water allocation and enhance water price certainty. Recent seasons have accentuated the potential benefit of water options: regions with highly secure water in the past have suffered repeated shortfalls in allocations. Water options would alter the behaviour of water managers who would need to ensure sufficient carryover to future seasons to allow for drought. Options markets may improve the allocation of water between competing users. Such markets, by reducing uncertainty, may reduce excessive adjustment costs arising from drought by improving water access security.