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Transactions Costs and Point-Nonpoint Source Water Pollution Trading

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  • Nguyen, Nga
  • Shortle, James S.

Abstract

The implications of transactions costs for the performance of water pollution trading involving point and nonpoint sources are examined. The analysis focuses on the impacts of transaction costs on different classes of trading partners and its consequence on the trading equilibrium. The model of point-nonpoint water pollution trading in the context of the total maximum daily loads explicitly incorporates transactions costs for both buying and selling exchanges of nonpoint source and point source permits. Transactions costs unarguably reduce the optimal level of trades in both types of permits compared to the costless trade case.

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File URL: http://purl.umn.edu/21096
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Bibliographic Info

Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2006 Annual meeting, July 23-26, Long Beach, CA with number 21096.

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Date of creation: 2006
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Handle: RePEc:ags:aaea06:21096

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Keywords: Environmental Economics and Policy;

References

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  1. Lata Gangadharan, 2000. "Transaction Costs in Pollution Markets: An Empirical Study," Land Economics, University of Wisconsin Press, vol. 76(4), pages 601-614.
  2. Stavins, Robert, 2004. "Environmental Economics," Working Paper Series rwp04-051, Harvard University, John F. Kennedy School of Government.
  3. James Shortle & David Abler & Richard Horan, 1998. "Research Issues in Nonpoint Pollution Control," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 11(3), pages 571-585, April.
  4. Laura McCann & K. William Easter, 1999. "Transaction Costs of Policies to Reduce Agricultural Phosphorous Pollution in the Minnesota River," Land Economics, University of Wisconsin Press, vol. 75(3), pages 402-414.
  5. Cason, Timothy N & Gangadharan, Lata, 2003. "Transactions Costs in Tradable Permit Markets: An Experimental Study of Pollution Market Designs," Journal of Regulatory Economics, Springer, vol. 23(2), pages 145-65, March.
  6. Johansson, Robert C., 2002. "Watershed Nutrient Trading Under Asymmetric Information," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 31(2), October.
  7. Montero, Juan-Pablo, 1998. "Marketable pollution permits with uncertainty and transaction costs," Resource and Energy Economics, Elsevier, vol. 20(1), pages 27-50, March.
  8. Richard D. Horan & James S. Shortle, 2005. "When Two Wrongs Make a Right: Second-Best Point-Nonpoint Trading Ratios," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(2), pages 340-352.
  9. Horan, Richard D. & Shortle, James S. & Abler, David G. & Ribaudo, Marc, 2001. "The Design And Comparative Economic Performance Of Alternative Second-Best Point/Nonpoint Trading Markets," Staff Papers 11595, Michigan State University, Department of Agricultural, Food, and Resource Economics.
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Cited by:
  1. Hugh McDonald & Suzi Kerr, 2011. "Trading Efficiency in Water Quality Trading Markets: An Assessment of Trade-Offs," Working Papers 11_15, Motu Economic and Public Policy Research.

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