Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
Please note that all times are shown in the time zone of the conference. The current conference time is: 10th Sept 2026, 07:05:04pm CEST (Norway)
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Daily Overview |
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Water economics Location: Auditorium P: Finn Kydland Session Chair: Benjamin Edelstein, University of Pennsylvania | |
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Climate Risk Premium in Water Markets: Insights from a Policy Intervention 1: University of Chile, Chile; 2: Universidad Andrés Bello, Chile We explore the effect of water scarcity decrees (WSDs) on the water property rights (WPRs) prices in Chile’s water market. Using the Standardized Precipitation Index and the River Flow Index as instrumental variables, we generate exogenous variation in the intensity of WSD to estimate the effect of climate risk on WPR prices. We find that the prices of the WPR increase by 9.9\% following an additional WSD. The effect varies by water scarcity risk: In areas with fewer accumulated decrees (below the median), WSD increases the value of water by 66.7%, suggesting that WPRs act as a hedge against climate risk. In contrast, in regions with more accumulated decrees (above the median), the price increase is less (4%), indicating that the ownership of water may have limited economic value when supply is scarce. Our study highlights the ability of financial markets to provide information that could help societies adapting climate change. | |