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The Murray-Darling Basin plan and public policy failure: a transaction costs analysis

机译：默里 - 达令盆地计划和公共政策失败：交易成本分析

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Australian governments have increasingly relied upon water markets to reallocate water between consumptive and environmental uses. Such markets appear appropriate for facilitating consumptive users' adjustment to factors such as drought. However, where effective institutional arrangements remain elusive, markets alone will be insufficient to provide environmental water reallocation. A basin-wide planning approach represents the Australian Government's strategy to replace diverse state water-sharing plans, address over-reliance upon markets and take in hand institutional failure. Given its previous inability to deliver environmental reallocation, this paper applies McCann and Easters' transaction cost typology and Williamson's transaction costs analysis framework approach to evaluate alternative Basin Plan institutional structures, and determine if efficient institutional approaches to water-reallocation are possible. We find that while efficient institutional alternatives are feasible, careful attention to design is required. This involves consideration of environmental property rights, state-focused incentives and appropriate use of existing market institutions.
机译：澳大利亚政府越来越依赖水市场来重新分配消费和环境用途之间的水。这些市场似乎适合促进消费用户对诸如干旱等因素的调整。但是，如果有效的机构安排仍然难以捉摸，仅限市场将不足以提供环境水分分配。一个盆地规划方法代表了澳大利亚政府取代各种国家水资源分享计划的战略，解决了对市场的过度依赖并采取了机构失败。鉴于其以前的无法提供环境重新分配，本文适用麦肯和复活节的交易成本类型化学和威廉姆森的交易成本分析框架方法来评估替代盆地计划机构结构，并确定是否有效的水重新分配方法。我们发现，虽然有效的机构替代品是可行的，但需要仔细关注设计。这涉及审议环境产权，国有焦急的激励措施和适当使用现有的市场机构。

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