In the face of its worst drought in centuries, California is finally getting around to regulating its groundwater use. As an agricultural economist who studies water regulation in California, I think this is a unique chance to change the way we price groundwater and protect this scarce resource. But I’m worried that we might not make the most of this opportunity. ****** SNIP ***** The good news is that more than 60 percent of the 102 submitted plans mention policies that will increase the cost of extracting groundwater. This is a huge change from the status quo. The bad news...