Abstract:Having considered the prospects and pitfalls of government provision of environmental goods and services in Chapter 2, we now turn to the same for markets. In this chapter we carefully examine the arg...Having considered the prospects and pitfalls of government provision of environmental goods and services in Chapter 2, we now turn to the same for markets. In this chapter we carefully examine the arguments of Ronald Coase as they relate to property rights and bargaining costs in the context of environmental markets. Coase is noted for building his analysis on the assumption of zero transaction costs and for concluding that under that condition, resources will be efficiently allocated. We recognize the usefulness of this approach for understanding the relationship between property rights and social costs. Our emphasis in this chapter, however, is on the potential for markets to lower transaction costs relative to those encountered in governmental regulation and to thereby provide environmental goods and services more efficiently.Read More
Publication Year: 2014
Publication Date: 2014-05-12
Language: en
Type: book-chapter
Indexed In: ['crossref']
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