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<br />An ideal water law should give a water right <br />those characteristics that will encourage and <br />enable people to make the best decisions as <br />to water use in their own interests and hence <br />ultimately in the public interest. Private <br />uses of water should be based upon property <br />rights not dissimilar to the property rights <br />in more stable and tangible assets, and like <br />other property rights they should be subject <br />to regulation in the public interest. 24 <br /> <br />Markets will be opened or restricted according to <br /> <br />governmental definition of the public interest, what constitutes <br /> <br />the nature and extent of water right as a property right, rules <br />for transfering the water right or water contract, and the extent <br /> <br />of the territory, such as a state or water district, within which <br /> <br /> <br />the water right or contract right in water can be marketed. <br />Appendix F outlines a set of factors which could affect potentiaL <br />water transfers.~ <br /> <br />Conclusion <br /> <br />Market allocation models have been suggested. Inevitably, <br />they rely on "salable property rights" to a "supply of water <br />available for allocation".u Government expropriation, with or <br />without just compensation, and subsequent reallocation of the <br />supply to governmental preferred uses, is one possible method. <br /> <br />24 Frank J. Trelease, "Policies for Water Law: Property Rights, <br />Economic Forces, and Public Regulation", 5 Natural Res. J. 1, 8-9 <br />(1965) . <br /> <br />2! A. Dan Tarlock (E.D.), National Research Council, Water <br />Transfers in the West, SUDra, at 113. <br /> <br />U See, Dudley D. Johnson, "An Optimal State Water Law: Fixed <br />Water Rights and Flexible Market Prices", 57 Va. L. Rev. 345, 363 <br />(1971) . <br /> <br />11 <br />