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The hedonic pricing method was used in the analysis of 946 water market transactions for the CBT region, 44 transactions for the Arizona Type II market, and 67 transactions for the CAP market. Hedonic pricing is used to estimate the economic values for environmental services which affect the price of market goods. Researchers consulted water transaction data from public journals and other research sources for transactions that occurred from 1987 through 2004. Researchers also referred to the Palmer Hydrological Drought Index (PHDI) and the Standard Precipitation Index (SPI) for information relating to groundwater and reservoir levels and for the probability of precipitation at different timescales.