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

机译:墨累达令盆地计划和公共政策失灵: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在消耗用水和环境使用之间分配水。这样的市场似乎适合于促进消费性用户适应干旱等因素。但是,在有效的制度安排仍然难以捉摸的情况下,仅市场就不足以提供环境水的重新分配。整个流域范围的规划方法代表了澳大利亚政府的战略,该战略取代了各州的水资源共享计划,解决了对市场的过度依赖,并解决了机构失败的问题。鉴于其先前无法进行环境再分配,本文采用了McCann和Easters的交易成本类型学以及Williamson的交易成本分析框架方法来评估流域规划的替代体制结构,并确定是否有可能进行有效的水再分配体制方法。我们发现,尽管有效的机构替代方案是可行的,但仍需要仔细注意设计。这涉及对环境产权的考虑,以国家为重点的激励措施以及对现有市场制度的适当利用。

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