There are two outstanding elements for the recent studies of environmental regulation: Firsdy the importance of recognizing the rationality agents that participate in the process to be regulated and in the other hand the asymmetric information problem. So, this context shows a mechanism regulation theory to price a natural resource, just like water, under moral hazard and adverse selection. These are issues concerned by every social scientist; therefore geographers must take these tools trying to develop harder works that engage some academic subjects.