Often, appraisals of water rights use inappropriate valuation approaches and methods resulting in flawed conclusions of value. The book is written in a simple, straight-forward manner with numerous examples. Non-economists should find it particularly valuable. Lawyers will find it invaluable as a reference before they reach the courtroom. The book is written in a logical manner beginning with the physical characteristics of water, the institutional rules such as water right laws, economic theory related to valuing water rights, and 14 case studies where various economic valuation approaches and methods have been applied. Topics covered include: The economic framework for valuing water rights (i.e., supply, demand, consumer welfare, and cost-benefit analysis); Traditional approaches and methods used in valuing water rights; Approaches and methods employed for valuing water rights assuming an economics framework; and Methods for estimating the marginal benefits and costs of water rights