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888 NATURAL RESOURCES JOURNAL [Vol 37 II. WATER MARKETING Water marketing has been a topic since at least 1973 when the National Water Commissi n recommended the removal of existing legal barriers to water transfers. The literature since then s described the role that market transfers can play in meeting the growing industrial, urban a d environmental demands. Water marketing can be described as a framework and process for transferring water. process is characterized by voluntary negotiations between the parties over the amount, timing , d price of water to be exchanged. Advocates of marketing suggest that the process would alloca e water to its highest economic use by allowing those who place the highest economic value on it 0 buy it. They argue that the specific needs of the purchaser and the seller should dictate the type f transfer sought and the forum through which transfer arrangements are made. In this way prope rights are respected and water is reallocated through negotiated purchases rather than throu regulatory removal or cancellation. Thus, water marketing is consistent with the current belief th t markets are an effective way to allocate scarce resources to meet the tripartite goals of efficienc , equity and conflict minimization. 1. Water Marketing Framework Terry Anderson & Pamela Snyder, Water Markets: Priming the Invisible Pump (1998). Terry Anderson & Peter Hill, Water Marketing- The Next Generation (Terry Anderson & Peter Hill, eds. 1997). Terry Anderson & Donald Leal, Building Coalitions for Water Marketing, 8 J. POL 'Y ANAL YSI & MGMT. 432 (1989). Victor Brajer et aI., The Strengths and Weaknesses of Water Markets as They Affect Water Scarcity and Sovereignty in the West, 29 NA T. RESOURCES J. 489 (1989). Victor Brajer & Wade Martin, Allocating a 'Scarce'Resource, Water in the West: More Market- Like Incentives Can Extend Supply, but Constraints Demand Equitable Policies, 48 AM. J. ECON. & Soc. 259 (1989). F. Lee Brown & Charles DuMars, Water Rights and Market Transfers, in WATER SCARCITY; IMPACT'S ON WESTERN AGRICULTURE 408-36 (1984). Norman Dudley, Water Allocation by Markets, Common Property and Capacity Sharing: Comparisons or Completions?, 32 NAT. RESOURCES J. 757(1992). Tim De Young & Hank Jenkins-Smith, Privatizing Water Management: The Hollow Promise of Private Markets, in WATER AND THE FUTURE OF THE SOUTHWEST213-31 (Z. Smith ed., 1989). James Ellis & Charles DuMars, The Two-Tiered Market in Western Water, 57 NEB. L. REv. 333 (1978). FRESHWATER FOUNDATION, WATER VALUES AND MARKETS: EMERGING MANAGEMENT TOOLS (1986).