Water entitlements (allocations) can be traded, within season, seasonally or permanently, or where the market is regulated the regulator can set the price, price limits, and serve as a broker, for example, to facilitate market operation. The market price of the entitlements to receive water, is a price for allocating water and a price to determine the share of the water available. This is asymmetric in terms of water management and may be deleterious to the small irrigators, who must cover the full supply costs for water supplies. At the same time, farms within the major irrigation schemes (“superior” farms) are legally restricted to cereal production, while farmers operating under smaller irrigation schemes are not so constrained in their production options (Nickum and Ogura, 2008).