“…This may be explained by the argument that the value of land is, not only, determined by the soil characteristics but, also, by the water that can be extracted from it and, hence, an implicit water rent can be derived from the total land rent (Calzadilla et al, 2016). This is the modelling structure applied by different authors, such as Calzadilla et al, 2014Calzadilla et al, , 2013aCalzadilla et al, , 2013bCalzadilla et al, , 2010Koopman et al, 2017;Liu et al, 2017;Luckmann et al, 2016. The land-water aggregation is mostly associated with the agricultural sector, as this is one of the largest water consumers in the economy (examples of analyses focused on agriculture include Calzadilla et al, 2014Calzadilla et al, , 2013bRoson and Sartori, 2015).…”