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The research presented in this thesis focuses on determining the value of irrigation water in southern Alberta. Utilizing a stated preference method, the research represents a successful attempt at applying contingent behavior scenarios to estimate irrigation water supply and demand, and thus irrigators willingness to pay/accept (WTP/WTA) for water through a hypothetical water market during droughts. The research also aims to assess the effectiveness of water markets in conserving water and promoting water productivity and efficiency. The findings reveal that irrigators WTP during droughts is within the range of $1.22-4.90/acre-inch ($0.012-$0.048/m3), varying over various levels of water scarcity. It is found that the presence of water markets plays a crucial role in water reallocation and improves water productivity and efficiency, the extent of which depends on how active are water markets. / Agricultural and Resource Economics