The role of valuation and bargaining in optimising transboundary watercourse treaty regimes

Rieu-Clarke, Alistair (2018) The role of valuation and bargaining in optimising transboundary watercourse treaty regimes. International Environmental Agreements: Politics, Law and Economics, 18 (3). pp. 409-428. ISSN 1567-9764

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In the face of water scarcity, growing water demands, population increase, ecosystem degradation, climate change, and so on transboundary watercourse states inevitably have to make difficult decisions on how finite quantities of water are distributed. Such waters, and their associated ecosystem services, offer multiple benefits. Valuation and bargaining can play a key role in the sharing of these ecosystems services and their associated benefits across sovereign borders. Ecosystem services in transboundary watercourses essentially constitute a portfolio of assets. Whilst challenging, their commodification, which creates property rights, supports trading. Such trading offers a means by which to resolve conflicts over competing uses and allows states to optimise their ‘portfolios’. However, despite this potential, adoption of appropriate treaty frameworks that might facilitate a market-based approach to the discovery and allocation of water-related ecosystem services at the transboundary level remains both a challenge, and a topic worthy of further study. Drawing upon concepts in law and economics, this paper therefore seeks to advance the study of how treaty frameworks might be developed in a way that supports such a market-based approach to ecosystem services and transboundary waters.

Item Type: Article
Uncontrolled Keywords: Transboundary watercourses, Treaty regimes, Law and economics, Portfolio optimisation, Asset management, Ecosystem services, Market-based approaches
Subjects: L200 Politics
L700 Human and Social Geography
M200 Law by Topic
Department: Faculties > Business and Law > Northumbria Law School
Depositing User: Becky Skoyles
Date Deposited: 21 Mar 2018 09:01
Last Modified: 01 Aug 2021 10:00

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