The Murray-Darling Basin Plan And Public
Policy Failure: A Transaction Costs Analysis
Author(s)
A. Loch & R. McIver
Abstract
Australian governments have increasingly relied upon water markets to
reallocate water between consumptive and environmental uses. Such markets
appear appropriate for facilitating consumptive users’ adjustment to factors such
as drought. However, where effective institutional arrangements remain elusive,
markets alone will be insufficient to provide environmental water reallocation. A
basin-wide planning approach represents the Australian Government’s strategy
to replace diverse state water-sharing plans, address over-reliance upon markets
and take in hand institutional failure. Given its previous inability to deliver
environmental reallocation, this paper applies McCann and Easters’ transaction
cost typology and Williamson’s transaction costs analysis framework approach
to evaluate alternative Basin Plan institutional structures, and determine if
efficient institutional approaches to water-reallocation are possible. We find that
while efficient institutional alternatives are feasible, careful attention to design is
required. This involves consideration of environmental property rights, statefocused
incentives and appropriate use of existing market institutions.
Keywords: transaction costs, environmental water, Murray-Darling Basin.
Keywords
transaction costs, environmental water, Murray-Darling Basin.
Related Book
Other papers in this volume
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