But in this case, it appears that the resource rights don't correspond to actual resources; if the author of the article is correct, only a minute fraction of the rainwater that falls on Holstrom's property would ever actually benefit the senior rights-holders.

(Of course, if those senior rights-holders are farmers, they "benefit" from the right in the sense that if they can block Holstrom from watering her organic garden, they shut down a competitor.)