Fig. 4: Differences in water prices and volumes between strategic portfolios and those exclusively for reduced water consumption.

Our environmental water market model combines known water prices where those are publicly advertised in our study area with a model that estimates unknown water prices (Methods). a, To show how strategic portfolios change total water volumes leased and water prices paid, bars show the change in the total volume of water leased by price interval. b, Tiered curves showing the cumulative volume leased at or before a given price interval. Gaps between the green and black curves represent shifts in volume acquired and price paid for water under strategic portfolios. Supplementary Fig. 10 provides full tiered supply curves, including transactions considered but rejected. Results for the aggressive authorized market are in Supplementary Fig. 15.