| dc.contributor.author |
Araral, Eduardo K. |
|
| dc.date.accessioned |
2013-01-03T14:27:15Z |
|
| dc.date.available |
2013-01-03T14:27:15Z |
|
| dc.date.issued |
2013 |
en_US |
| dc.identifier.uri |
https://hdl.handle.net/10535/8614 |
|
| dc.description.abstract |
"I argue in this paper that transaction cost is central to the analytics of climate adaptation in the local commons. I illustrate this by bringing together insights from Coase on tradability of property rights, Ostrom on institutional design principles for long lived commons and Williamson on transaction cost and governance mechanisms. I call this the COW model on the analytics of climate adaptation, which I illustrate using grounded theory in the case of the 400-year old zangjera irrigation societies in Northern Philippines. The zangjeras are highly vulnerable to climatic risks but has successfully managed to adapt steadily overtime. I argue that their ability to adapt is a function of transaction cost which is associated with some ingenious principles of institutional design such as: (1) clear allocation and tradability of rights and obligations; (2) fairness in the allocation of risks, costs and benefits; (3) reliance on prices and incentives as adaptation mechanisms; (4) adaptive efficiency, i.e. maximization of welfare at least adaptation cost; (5) reliable enforcement mechanisms; and (6) a polycentric structure of governance. I conclude that the COW model can provide a useful foundation for the analytics of climate adaptation." |
en_US |
| dc.language |
English |
en_US |
| dc.subject |
adaptation |
en_US |
| dc.subject |
collective action |
en_US |
| dc.subject |
irrigation |
en_US |
| dc.subject |
transaction costs |
en_US |
| dc.subject |
commons |
en_US |
| dc.subject |
water management |
en_US |
| dc.subject |
Coase theorem |
en_US |
| dc.subject |
Ostrom, Elinor |
en_US |
| dc.subject |
Williamson, Oliver |
en_US |
| dc.title |
A Transaction Cost Approach to Climate Adaptation: Insights from Coase, Ostrom and Williamson and Evidence from the 400-year Old Zangjeras |
en_US |
| dc.type |
Journal Article |
en_US |
| dc.type.published |
published |
en_US |
| dc.type.methodology |
Case Study |
en_US |
| dc.coverage.region |
Middle East & South Asia |
en_US |
| dc.coverage.country |
Philippines |
en_US |
| dc.subject.sector |
General & Multiple Resources |
en_US |
| dc.subject.sector |
History |
en_US |
| dc.subject.sector |
Water Resource & Irrigation |
en_US |
| dc.identifier.citationjournal |
Environmental Science and Policy |
en_US |
| dc.identifier.citationvolume |
25 |
en_US |
| dc.identifier.citationpages |
147-156 |
en_US |