Study Of Theory And Methodology Related With Transaction Of Water Rights

In recent years, with scarcity of water resources increasing in our country, the allocation of water rights, the transaction of water rights and water management have been widely concerned in our country. There are few theories and methodologies with water rights and water markets nowadays. On the foundation of foreign advanced water rights management systems together with present native water rights management systems for reference, this dissertation focuses on four main contents.Firstly, in regard to characters of water resource in nature and society, water market is set up for our country. Water market functions in two modes of water rights allocation. Initial allocation arises in the first water markets while the reallocation is carried out in the second markets.Secondly, according to characters of initial water rights a hierarchical mixed mechanism of government's Macro-control plus Market mechanisms is proposed. In a leader-follower game government is leader and users are followers. Based on the market mechanism and centralized mechanism, a common model for initial allocation of water rights is investigated, and then solved by GA, with optimization solution obtained. The result from this dissertation can be a contribution to providing a certain academic reference for initial allocation of water rights in our country.Thirdly, applying real options to water reallocation, the concept and condition of water rights options are set up. Property of water rights belongs to our country and cann't be transferred. The use and management water rights can be transferred in the second water market. In fact water options transfer mode is one of the water rights transfer modes. Being a representative for the mational interest, government institutions transfer water rights to institutions, groups and individuals for a certain period. Water rights as underlying asset are used for sale and transfer. And water resource value is defined again. In view of characters of water rights options transaction, a compound options model is bulit based on unequal jump probabilities. The transation mode breaks through restriction on time and special, realizing water resource optimized allocation, improving usage efficiency.Fourthly, this dissertation also adopted principal-agent theory of information economics to analyze water right management in our country. Due to separation of ownership, usage right and operation right, the Central Government, all levels of provinces, units, individuals, environment protective institutions and so on participate in water right transaction. The dissertation reveals the intrinsic connection between the water rights management and the principal-agent theory, and proposes that a multi-level authorization management of water rights can improve the relation of water rights fundamentally. Research every level principal-agent relation in the mode of water rights multi-level authorization management in our country. It has strong practical and guiding significance.Finally, regarding characters of the South to North Water Conveying Project, water allocation and management organizations, the water rights transaction and allocation are simulated using related data, and the prices of water rights and water rights options are also calculated based on the options pricing model developed in this dissertation. Furthermore, in order to economize water resource, improve efficiency and carry out water resource sustainable development, some management countermeasures in water resource management institutions are proposed.