this is probably actually good generally having well-defined property rights over goods results in a superior allocation water in particular is frequently hamstrung by this problem https://t.co/XpoPqLwmkp
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does anyone know why CA doesn't buy back water rights from incumbent holders? seems like their marginal value must be quite low in many cases
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Replying to @eigenrobot
California already under charges for the water it sells municipally. The last thing the state need is to take over the riparian rights of ag land, the big users, and get lobbied into undercharing them in a big ole tragedy-of-the-commons scenario.
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Replying to @ElamBend
yeah getting my head around it forgot that rights are allocated by amount rather than (eg) share of sustainable draw or similar and yeah civic underpricing is nuts god what a shit system I could absolutely do better
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Random dice throw on a lookup table could do better
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