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Firms' Choice of Regulation Instruments to Reduce Pollution: A Tansaction Cost Approach

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  • Delmas, Magali

    (U of California, Santa Barbara and Stanford U)

  • Marcus, Alfred

    (U of Minnesota)

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    Abstract

    This paper extends transaction costs economics to analyze relationships between firms and regulatory agencies. It compares the economic efficiency of firm-agency governance structures for dealing with pollution reduction. The transaction costs of three ideal type governance structures are analyzed: command and control regulation, market based mechanisms, and negotiated agreements. We propose that the choice of governance structure will depend on the strategies firms are pursuing given their transaction attributes and market opportunities.

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    File URL: http://gsbapps.stanford.edu/researchpapers/library/RP1806.pdf
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    Bibliographic Info

    Paper provided by Stanford University, Graduate School of Business in its series Research Papers with number 1806.

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    Date of creation: May 2003
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    Handle: RePEc:ecl:stabus:1806

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    1. Oxley, Joanne E, 1997. "Appropriability Hazards and Governance in Strategic Alliances: A Transaction Cost Approach," Journal of Law, Economics and Organization, Oxford University Press, vol. 13(2), pages 387-409, October.
    2. Magali Delmas & Bruce Heiman, 2001. "Government Credible Commitment to the French and American Nuclear Power Industries," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 20(3), pages 433-456.
    3. Tietenberg, T H, 1990. "Economic Instruments for Environmental Regulation," Oxford Review of Economic Policy, Oxford University Press, vol. 6(1), pages 17-33, Spring.
    4. Noorderhaven, N.G., 1996. "How to make transaction cost economics more balanced and realistic," Open Access publications from Tilburg University urn:nbn:nl:ui:12-72994, Tilburg University.
    5. Bruce Heiman & Jack Nickerson, 2002. "Towards Reconciling Transaction Cost Economics and the Knowledge-based View of the Firm: The Context of Interfirm Collaborations," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 9(1), pages 97-116.
    6. Revesz, Richard L. & Stavins, Robert N., 2007. "Environmental Law," Handbook of Law and Economics, Elsevier.
    7. Williamson, Oliver E, 1984. "Credible Commitments: Further Remarks," American Economic Review, American Economic Association, vol. 74(3), pages 488-90, June.
    8. Adam B. Jaffe et al., 1995. "Environmental Regulation and the Competitiveness of U.S. Manufacturing: What Does the Evidence Tell Us?," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 132-163, March.
    9. W. J. Henisz, 2000. "The Institutional Environment for Economic Growth," Economics and Politics, Wiley Blackwell, vol. 12(1), pages 1-31, 03.
    10. Krupnick, Alan & Mazurek, Janice & Boyd, James, 1998. "Intel's XL Permit: A Framework for Evaluation," Discussion Papers dp-98-11, Resources For the Future.
    11. Oliver Williamson, 1970. "Administrative Decision Making and Pricing: Externality and Compensation Analysis Applied," NBER Chapters, in: The Analysis of Public Output, pages 115-138 National Bureau of Economic Research, Inc.
    12. Levy, Brian & Spiller, Pablo T, 1994. "The Institutional Foundations of Regulatory Commitment: A Comparative Analysis of Telecommunications Regulation," Journal of Law, Economics and Organization, Oxford University Press, vol. 10(2), pages 201-46, October.
    13. Stavins, Robert, 1998. "Market-Based Environmental Policies," Discussion Papers dp-98-26, Resources For the Future.
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