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Title: Transaction Costs Emanating from Policy Flexibility in Water Markets
Contributor(s): Crase, Lin (author); Dollery, Brian Edward (author); Lockwood, M (author)
Publication Date: 2002
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Abstract: This paper addresses these policy choices by using concepts drawn from New Institutional Economics. More specifically, we develop the notion of 'policy flexibility' as a transaction cost and analyse its impact on the permanent water market in New South Wales (NSW), the Australian State with the largest irrigation sector. Results drawn from a choice experiment reveal that 'policy flexibility' shifts the demand function for permanent entitlements to the left, thereby constraining the capacity of the NSW water market to generate surplus.
Publication Type: Conference Publication
Conference Name: Australian Centre for International Agricultural Research Water Policy Workshop, Bangkok, Thailand, 8th - 9th June, 2001
Source of Publication: Water Policy Reform: Lessons from Asia and Australia, p. 31-47
Publisher: Australian Centre for International Agricultural Research (ACIAR)
Place of Publication: Canberra, Australia
ISSN: 1038-6920
Field of Research (FOR): 140213 Public Economics- Public Choice
Peer Reviewed: Yes
HERDC Category Description: E1 Refereed Scholarly Conference Publication
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