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<br /> <br />right was actually utilized in the past and place limits on the <br />changed use to protect other water rights. Seepage and return <br />flow are not considered to be part of the transferable water <br /> <br />right, since such water returns to the natural stream, or <br /> <br />groundwater tributary thereto, and is available for <br />appropriations by others.11 <br /> <br />Market ADDroaches. a Study in Shiftina Governmental policv <br />Markets are grounded in property law and depend upon the <br />right to reduce a public resource to private possession: <br /> <br />Four characteristics have been identified as <br />necessary to convert a common property <br />resource to a regime of individual property <br />rights in order to induce market allocation. <br />They are (1) maximum exclusivity within the <br />constraint of the physical nature of the <br />resource; (2) free transfer at costs which <br />are low relative to the value of the <br />resource; (3) absence of positive and <br />negative externalities that prevent the <br />transfer of the resource or impose excessive, <br />unaccounted for costs on third parties, and <br />(4) a clear, general definition of permitted <br />and prohibited acti vi ties. 12 <br /> <br />Like other markets, water markets can be enabled, impaired, <br /> <br />or prohibited depending on the level of security, stability and <br /> <br />flexibility which an implemented legal system affords to <br /> <br />transactions between existing users and potential users. <br /> <br />11 ~, Weibert v. Rothe Brothers, 618 P.2d 1367, 1371-1372 <br />(Colo. 1980). <br /> <br />U DeVany, Eckert, Meyers, 0' Hara, and Scott, "A Property <br />System for Market Allocation of the Electromagnetic Spectrum: A <br />Legal-Economic Engineering Study", 21 Stan. L. Rev. 1499 (1969), <br />cited in A. Dan Tarlock, Law of Water Rights and Resources, suora, <br />S2.05(1), p. 2-11, n.3 <br /> <br />5 <br />