Farmers are well known to be risk-averse. Although a considerable literature has focused on the role water markets play to allocate water more efficiently, none has explicitly studied the risk management role water markets play in irrigators’ decision making. We used a two-step empirical...

In some countries, local agricultural products (particularly livestock products) are shielded from international competition by ‘natural’ factors influencing the purchase of products. These factors include strong local tastes (or preferences) that favour the local product and the absence (or...