ABSTRACT:This paper presents a summary of the findings and recommendations of the studies of severe, sustained drought reported in this special issue. The management facilities and institutions were found to be effective in protecting consumptive water users against drought, but much less effective in protecting nonconsumptive uses. Changes in intrastate water management were found to be effective in reducing the monetary value of damages, through reallocating shortages to low‐valued uses, while only water banking and water marketing, among the possible interstate rule changes, were similarly effective. Players representing the basin states and the federal government in three gaming experiments were unable to agree upon and effect major changes in operating rules. The conclusions are (1) that nonconsumptive water uses are highly vulnerable to drought, (2) that consumptive uses are well‐protected, (3) that drought risk is greatest in the Upper Basin, (4) that the Lower Basin suffers from chronic water shortage but bears little drought risk, (5) that opportunities exist for win‐win rule changes, (6) that such rule changes are extremely difficult to make, and (7) that intrastate drought management is very effectivemin reducing potential da
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