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As per capita water supplies in many regions of the United States and the world begin to decrease, a mechanism must evolve to transfer water to where it is needed. Water markets have become increasingly popular with water managers and state officials as a means of allocating or reallocating this resource. Along the Rio Grande in Texas, a spot market for water has developed that is very active, with all the attributes that a well-defined market should show. As a result, individuals from agriculture, municipalities, and industry have begun to rely on this market as a means to supplement shortfalls in their own supply.