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Improving environmental decisions: a transaction-costs story

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  • Pannell, David J.
  • Roberts, Anna M.
  • Park, Geoff
  • Alexander, Jennifer

Abstract

A multidisciplinary team of researchers made efforts to influence the design and implementation of environmental policy in Australia. A focus of these efforts was the development of the Investment Framework for Environmental Resources (INFFER). In addition, the team undertook a diversity of communication activities, training, user support, and participation in committees and enquiries. Transaction costs were relevant to these efforts in a variety of ways. Environmental managers who adopted some elements of INFFER incurred higher transaction costs than they did using traditional, simpler methods for planning and prioritising. The benefits that could be generated by bearing specific transaction costs were carefully considered, and a balance was struck between the system having simplicity (and low transaction costs) and delivering valuable environmental outcomes in the long term. Transaction costs were factored into the planning and prioritisation processed developed for INFFER. For example, public and private transaction costs are accounted for in the calculation of the Benefit: Cost Ratio for each project, and in the analysis of which type of policy mechanisms would be most suitable. The researchers’ experiences highlight the importance of transaction costs and the diverse roles that they play in the processes of developing, implementing and influencing environmental policy programs.

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Bibliographic Info

Paper provided by University of Western Australia, School of Agricultural and Resource Economics in its series Working Papers with number 125851.

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Date of creation: 18 Jun 2012
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Handle: RePEc:ags:uwauwp:125851

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Keywords: transaction costs; policy mechanism choice; benefit: costs analysis; prioritisation; planning; Environmental Economics and Policy; Institutional and Behavioral Economics; Resource /Energy Economics and Policy; Teaching/Communication/Extension/Profession; Q50; Q57; Q58; D23;

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References

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  1. Evy Mettepenningen & Ann Verspecht & Guido Van Huylenbroeck, 2009. "Measuring private transaction costs of European agri-environmental schemes," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 52(5), pages 649-667.
  2. Katherine Falconer & Pierre Dupraz & Martin Whitby, 2001. "An Investigation of Policy Administrative Costs Using Panel Data for the English Environmentally Sensitive Areas," Journal of Agricultural Economics, Wiley Blackwell, vol. 52(1), pages 83-103.
  3. Pannell, David J. & Wilkinson, Roger, 2009. "Policy mechanism choice for environmental management by non-commercial "lifestyle" rural landholders," Ecological Economics, Elsevier, vol. 68(10), pages 2679-2687, August.
  4. Pannell, David J. & McFarlane, Donald J. & Ferdowsian, Ruhi, 2000. "Rethinking the Externality Issue for Dryland Salinity in Western Australia," 2000 Conference (44th), January 23-25, 2000, Sydney, Australia 123715, Australian Agricultural and Resource Economics Society.
  5. Coggan, Anthea & Whitten, Stuart M. & Bennett, Jeff, 2010. "Influences of transaction costs in environmental policy," Ecological Economics, Elsevier, vol. 69(9), pages 1777-1784, July.
  6. 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.
  7. Howitt, Richard E., 1994. "Empirical analysis of water market institutions: The 1991 California water market," Resource and Energy Economics, Elsevier, vol. 16(4), pages 357-371, November.
  8. McCann, Laura M.J. & Easter, K. William, 2000. "Estimates Of Public Sector Transaction Costs In Nrcs Programs," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 32(03), December.
  9. Pannell, David J., 2001. "Dryland salinity: economic, scientific, social and policy dimensions," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 45(4), December.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. 259 – Increasing environmental benefits
    by David Pannell in Pannell Discussions on 2013-12-02 15:00:50

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