Chinatown: Transaction Costs in Water Rights Exchanges. The Owens Valley Transfer to Los Angeles

@article{Libecap2005ChinatownTC,
  title={Chinatown: Transaction Costs in Water Rights Exchanges. The Owens Valley Transfer to Los Angeles},
  author={G. Libecap},
  journal={Property},
  year={2005}
}
  • G. Libecap
  • Published 2005
  • Geography
  • Property
  • I re-examine the notorious Owens Valley water transfer to Los Angeles, which is a pivotal episode in the political economy of contemporary western water allocation. Negotiated between 1905 and 1935, it remains one of the largest voluntary water sales in U.S. history. It made the growth of semi-arid Los Angeles possible, increasing the city’s water supply by over 4 times. Water rights were bundled with the land so that the Los Angeles Water Board had to purchase nearly 1,000 small farms. The… CONTINUE READING
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