Water derivatives: conceptualisation, price modelling and economic impacts

引入水期权可能会为农民在交易他们的水分配方面提供更多的选择，并增强水价确定性。最近几个季节突显了水资源选择的潜在好处：过去水高度安全的地区一再出现分配短缺的情况。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，以应对干旱。期权市场可能会改善相互竞争的用户之间的水资源分配。这类市场通过减少不确定性，可能会通过改善供水安全来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.