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Water rights transfers would increase the benefits gained from the use of water and would tend to delay or make unnecessary the construction of new sources of supply . . . [but] the fact that no two water rights are identical ... will prevent the development of a market in water rights comparable to the auction market of a stock or commodity exchange. (National Water Commission, 1973: 260, identifying the benefits and constraints on water trading)

Water allocation in rivers under pressure: a large-scale collective action dilemma