Water Trading, Transaction Costs and Transboundary Governance in the Western US and Australia
Chapter 4: Emerging water markets in the Columbia Basin: transaction costs and adaptive efficiency in environmental water allocation
At least on paper it [the Columbia Basin] appears to come close to comprehensive integrated management under a watershed-wide authority, and, in fact, it can boast of many positive accomplishments. . .but the two most sought-after goals – salmon recovery and comprehensive integrated management – have remained terribly elusive. These goals remain elusive not simply because of politics but because of boundedly rational people struggling to achieve collective goals in the face of transaction costs. (Schlager and Blomquist, 2008: 89) [The] bank balance of acquisition money remain[s] quite healthy, as it [has] turned out to be harder than expected to spend the money. (Neuman, 2004: 439–40)
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