ABSTRACT
This chapter examines a range of ontological conceptualizations of water. In seeking an alternative to the utilitarian view of water valuation, this chapter explores how water is, has been and could be valued for its relational and existential qualities in addition to its value as a commodity. The recognition of agency and sentience in Australian Indigenous perceptions of water, in contrast to the placelessness, anonymity and narrow utility of modern water, affirms its relationality. Water accounting systems use quantitative and qualitative analysis as a basis for the preparation of reports to support water management decisions. Such analysis depends upon treating water as a commodity, in accord with the neoliberal economic model. The first step in the water accounting process is the valuation of water. Valuations of water are made using economic methods, non-economic methods or a combination of the two. Economic valuation methods include market and non-market valuations.
