TRANSACTION COSTS, COLLECTIVE ACTION AND ADAPTATION IN MANAGING SOCIAL-ECOLOGICAL SYSTEMS
2017
Marshall, Graham R.
Adaptations in environmental management often involve complex problems of collective action.Institutions introduced to reduce the transaction costs of solving these problems often come atconsiderable cost. An Institutional Cost Effectiveness Analysis Framework (ICEAF) developed toprovide a comprehensive and logical structure for economic evaluation of path dependentinstitutional choices in this domain, and a procedure for boundedly rational application of theframework, are proposed and illustrated in this article – including for the choice between water buy-back and infrastructure subsidy programs for recovering the ‘environmental water’ required tosustain the ecosystems of the Murray-Darling Basin. A research strategy developed to strengthenthe knowledge base for applying this procedure is also proposed.
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