The main purpose of this publication is to explore the social impacts of the Chilean water market, one almost forgotten aspect in a debate strictly dominated by economists and lawyers with little interest in equity issues. More specifically, the ambition is to discuss how the water market has affected underprivileged water users, and examine which institutions and organizations that are fundamental to secure the livelihood ofthis group. This discussion is guided by the use of a few and simple rationalist based game theoretic models.