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Induced Institutional Innovation in Response to Transaction Costs: The Case of the National Native Title Tribunal

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  • McCann, Laura M.J.

Abstract

The theory of induced innovation says that technological innovations which economize on relatively scarce inputs will be invented and adopted. Hayami and Ruttan have hypothesized that this model also holds for institutional innovations. Williamson suggests that economic organization, such as vertical integration, is the result of transaction cost minimization. Coase discusses the transaction costs of negotiation versus the court system to solve externality problems. These various threads of the literature are brought to bear on the issue of innovations over time in relation to the National Native Title Tribunal. Mining companies have developed guidelines for negotiation with Aboriginal claimants. In Western Australia, regional agreements have been created which have the potential to greatly reduce transaction costs compared to negotiations between individual claimants and other agents such as mining companies. In addition to the reductions in transaction costs from a negotiated settlement rather than litigation, there are other advantages of negotiation, whether bilateral or regional. These include improved “quality” of settlements, improved relations between the negotiating parties, and more timely resolution.

Suggested Citation

  • McCann, Laura M.J., 1999. "Induced Institutional Innovation in Response to Transaction Costs: The Case of the National Native Title Tribunal," 1999 Conference (43th), January 20-22, 1999, Christchurch, New Zealand 123852, Australian Agricultural and Resource Economics Society.
    • Handle: RePEc:ags:aare99:123852
    DOI: 10.22004/ag.econ.123852
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    References listed on IDEAS

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    1. Bonnie G. Colby, 1990. "Transactions Costs and Efficiency in Western Water Allocation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(5), pages 1184-1192.
    2. Easter, K. William, 1991. "Differences In The Transaction Costs Of Strategies To Control Agricultural Chemical Offsite And Undersite Damages," Staff Papers 13421, University of Minnesota, Department of Applied Economics.
    3. Oliver E. Williamson, 1993. "The Economic Analysis of Institutions and Organisations - in General and with Respect to Country Studies," OECD Economics Department Working Papers 133, OECD Publishing.
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    Cited by:

    1. Duncan, Ronald C., 2003. "Agricultural and resource economics and economic development in Aboriginal communities," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 47(3), pages 1-18, September.
    2. Ron Duncan, 2003. "Agricultural and resource economics and economic development in Aboriginal communities," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 47(3), pages 307-324, September.

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