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1、TheEconomicImplicationsofthePublicTrustDoctrineGaryD.LibecapUniversityofCalifornia,SantaBarbaraNationalBureauofEconomicResearchPERCHooverInstituteOctober3,200629“ExistingwaterusersaredistraughtbydecisionsliketheMonoLakecase,andunderstandablyso.Enormouslyvalu
2、able,long-recognizedinterestsinwaterareatstake.Suchcasesportendmajorchangesinthestatusofwaterrights.TraditionalwaterusersunderstandfullwellthatafundamentaltransitionistakingplaceintheconceptionofhowwateroughttobeusedintheWest….Letmestartbysayingthatasamatter
3、oflegalanalysis,theholdersofexistingwaterrightsareindeeptrouble.”JosephSax(1989,475-6).I.Introduction.Thispaperexaminestheroleofthepublictrustdoctrineinthere-allocationofwaterintheAmericanWestandthedoctrine’simplicationsforthesecurityofwaterrightsandincentiv
4、esforeffectivestewardshipofwater.IntheWest,farmershistoricallyhaveusedroughly80percentoftheregion’swater,ofteninlow-valuedorsubsidizedcrops,suchasalfalfa,cotton,orrice.Farmerstypicallypayonlyforthepumpingorconveyancecostsforthewaterandnotforitsscarcityvalue.
5、Glennon(2005,1883-85).Atthemargin,however,watervaluesaremuchgreaterinmeetinggrowingurban,recreationalandenvironmentaldemands.Asaresult,therearesignificantallocativegainsfrommovingsomewaterfromagriculturaltothesenewuses.Theissueisthemechanismtobeusedfortransf
6、erringthiswater.Thepublictrustdoctrineraisesthequestionofwhetherornotwatertransferswilloccurthroughmarkettransactionsorthroughthepolicepowerofthestate.Markettransactionsrelyonandreaffirm(throughprecedent)securepropertyrightstowater.Statere-allocationthrought
7、hepublictrustdoctrinereliesinsteadonjudicialandagencyactionsandcanweakenpropertyrightsandtheirabilitytosupportwaterexchangeandtoencourageprivateinvestmentinwaterquality,riparianandaquatichabitat,andotherinfrastructure.Becauseitemphasizesthe“publicness”ofwate
8、r,thedoctrineencouragesopen-access.Open-access,however,bringsrentdissipationandthelossesassociatedwith29the“tragedyofthecommons”asmoreandmoreindividualsseektousethelimitedwaterresource.Hardin(19
