Economic issues arise in almost every water policy context. Water is of most concern when scarce, but physical scarcity is often overcome as human beings move water from place to place, sometimes creating monumental structures. The role that cost and economic value play in water resource allocation is implicit, but often poorly understood. This volume clarifies the role of economics and offers material that can be applied to water resource allocation problems around the world. Topics covered include - groundwater, floods and droughts, in situ uses of water and institutions and law.