This book presents a detailed picture of the evolutionary processes at work in water markets with a particular focus on theory and practice in Australia. Policymakers are striving to strike a balance between the pros and cons of a property rights/market based approach to the allocation of water resources, as opposed to an approach that centres on government regulation. The current movement in Australia is toward the use of markets, and numerous reforms are either underway or under consideration in that direction. This provides an ideal opportunity to observe the factors at play in determining the balance and hence the mix of policy instruments at work. The distinguished contributors offer a range of perspectives - economic, legal, environmental - and combine conceptual analysis with evidence from real policy decisions. Policymakers and governmental advisers will find this book timely and extremely relevant to making decisions on what is arguably the world's most critical natural resource. "The Evolution of Markets for Water" will also be of great interest to academics and students with an interest in natural resource economics, law and management.