Abstract
Despite statutory reforms and potentially large economic gains from water trades, water markets have been slow to develop throughout the West. This article examines an institutional impediment that has not received adequate attention: How can irrigation districts structure water trades to benefit their customers? It shows how this question can be satisfactorily answered by organizing a proposed water trade like a friendly corporate tender offer. While seemingly a radical procedure, the method conforms with a simple economic interpretation of statute and case law that (1) describes the trustee relationship between irrigation district boards and their customers and (2) defines the equitable and beneficial interest of landowners in the district's water supply.
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