This paper considers practical mechanisms for moving towards an operationalisation of benefit sharing with regard to water resources. The focus is on steps for putting the concept into practice and the point of departure is lessons learned from existing cooperative efforts.  In addition to case studies, the paper draws on literature from a wide array of disciplines, including economics, international relations, and political science.  Written from the perspective of an economist, it attempts to demonstrate the utility of appealing to this field as one potential means of injecting some degree of objectivity into what is otherwise a highly political exercise.