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The Welfare Analytics of Transaction Costs, Externalities, and Institutional Choice

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  • Ronald C. Griffin

Abstract

A natural result of the economist's participation in externality literature has been a strong emphasis upon market and price-guided policies. Available theoretical foundations are insufficient for supporting this ideology. Absent is a conceptual framework which integrates institutional options and their attendant resource costs with what we know of resource and technology constraints. This paper addresses this omission by incorporating an explicit role for transaction costs into traditional welfare diagrammatics.

Suggested Citation

  • Ronald C. Griffin, 1991. "The Welfare Analytics of Transaction Costs, Externalities, and Institutional Choice," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(3), pages 601-614.
    • Handle: RePEc:oup:ajagec:v:73:y:1991:i:3:p:601-614.
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    File URL: http://hdl.handle.net/10.2307/1242813
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    Citations

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    Cited by:

    1. Schmid, A. Allan, 1995. "Is There Any Theory in Institutional Economics?," Staff Paper Series 201204, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    2. Mburu, John & Birner, Regina & Zeller, Manfred, 2003. "Relative importance and determinants of landowners' transaction costs in collaborative wildlife management in Kenya: an empirical analysis," Ecological Economics, Elsevier, vol. 45(1), pages 59-73, April.
    3. Richard J. Mccann, 1996. "Environmental Commodities Markets: ‘Messy’ Versus ‘Ideal’ Worlds," Contemporary Economic Policy, Western Economic Association International, vol. 14(3), pages 85-97, July.
    4. Challen, Ray & Schilizzi, Steven, 1999. "History, Statics and Options: Transaction Costs in Institutional Change for Water Resources," 1999 Conference (43th), January 20-22, 1999, Christchurch, New Zealand 123793, Australian Agricultural and Resource Economics Society.
    5. Nijiraini, Georgina & Thiam, Djiby, 2015. "Estimating transaction costs associated with water policy implementation in South Africa," 2015 Conference, August 9-14, 2015, Milan, Italy 212585, International Association of Agricultural Economists.
    6. McCann, Laura M.J. & Easter, K. William, 1998. "Estimating Transaction Costs Of Alternative Policies To Reduce Phosphorous Pollution In The Minnesota River," Staff Papers 13919, University of Minnesota, Department of Applied Economics.
    7. Li Zhang & Shao Jia & Chi Leung & Li Guo, 2013. "An Analysis on the Transaction Costs of Water Markets under DPA and UPA Auctions," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 27(2), pages 475-484, January.
    8. Bowker, J. M. & MacDonald, H. F., 1992. "An Economic Analysis of Localized Pollution: Rendering Emissions in a Residential Setting," 1992 Annual Meeting, August 9-12, Baltimore, Maryland 271381, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    9. McCann, Laura & Colby, Bonnie & Easter, K. William & Kasterine, Alexander & Kuperan, K.V., 2005. "Transaction cost measurement for evaluating environmental policies," Ecological Economics, Elsevier, vol. 52(4), pages 527-542, March.

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