ABSTRACT
A set of market characteristics was extracted by which market proficiency could be measured. These characteristics included: the degree of accessibility to the markets; the quantity and quality of information conveyed in the market; and the ability of the market to adjust to changing market influencing conditions. Prior to full appropriation, there is little reason for water transfers or markets to develop since new uses may be accommodated through new appropriations. The Gila-San Francisco Basin is located on the western edge of New Mexico near the state's southern border. The Gila and San Francisco Rivers' mountain tributaries drain westward into Arizona and serve the most limited population of all the basins evaluated. The market proficiency score of 40-1/6 from the evaluation form reflects both the conditions of an inactive market, and the presence of a developed "infrastructure" that would be exhibited in an extremely well-developed market for water rights.
