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A Transaction Cost Approach to Climate Adaptation: Insights from Coase, Ostrom and Williamson and Evidence from the 400-year Old Zangjeras

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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

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