Article
Environmental Sciences
Min Zhu, Qianwen Yu, Lina Zhang
Summary: This study investigates the pricing model of water rights trading and combines it with ecological compensation to balance the benefits of both parties. The results show that through adjusting price variables, the transaction volumes and economic benefits among users can be optimized in a typical water-shortage region like Inner Mongolia Autonomous Region in China. Therefore, this study provides a valuable reference for decision-makers in water-shortage regions.
ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH
(2023)
Article
Environmental Sciences
Yuxi Xie, Weihua Zeng, Yinglan Xue, Yue Zhuo
Summary: Horizontal/interregional eco-compensation is an important policy for promoting regional ecological and environmental cooperation and achieving sustainable development in river basins. Using the Yellow River basin as an example, the integrated water rights (IWRs) scheme has effectively addressed issues such as water resource shortages, low utilization efficiency, and weak water environmental carrying capacity. The evidence shows improvements in increased revenue, improved water use efficiency, and decreased water environmental carrying rate.
Article
Business
Dirk Meissner, Nicholas Burton, Peter Galvin, David Sarpong, Norbert Bach
Summary: The mirroring hypothesis discusses how design characteristics correspond across various architectural levels and explores its impact on the distribution of firms' international innovation activities. Research suggests that international collaboration is most likely to occur in incremental and modular innovation, where modular designs offer embedded coordination.
JOURNAL OF BUSINESS RESEARCH
(2021)
Article
Business
Lana Friesen, Ian A. MacKenzie, Mai Phuong Nguyen
Summary: This article investigates how initially contestable property rights affect the efficiency of the Coase theorem. Through a two-stage experiment, the study finds that the presence of costly rent seeking for property rights significantly reduces the likelihood of reaching an efficient outcome. It further reveals that asymmetric bargaining costs, which differ depending on whether the player wins or loses the initial property rights, considerably decrease the likelihood of achieving an efficient outcome. The analysis is applicable to contexts involving initially contestable and tradable natural resource rights.
JOURNAL OF ENVIRONMENTAL ECONOMICS AND MANAGEMENT
(2023)
Article
Environmental Sciences
Bratian Buzolic, Jose Luis Arumi, Jorge Jimenez
Summary: This study analyzed the inefficiencies in the Nuble River water market in Chile, finding that incomplete information, poor flexibility of the system, and high transaction costs contributed to the issues. The inefficiencies in the water market result in an estimated annual net benefit loss of approximately $7.6 million, with even greater economic losses as water flow decreases.
Article
Ecology
Manuel Bellanger, Robert Fonner, Daniel S. Holland, Gary D. Libecap, Douglas W. Lipton, Pierre Scemama, Cameron Speir, Olivier Thebaud
Summary: Traditional approaches to environmental and natural resource use externalities typically focus on single-sector resources and user groups, while actual complex issues involve competition across multiple sectors. The diversity of resources and stakeholders increases the potential for conflicts, requiring analysis and negotiation at different levels of institutions.
ECOLOGICAL ECONOMICS
(2021)
Article
Economics
Gregory K. Dow
Summary: More than 30 years ago, the author engaged in a debate with Oliver Williams over the theoretical structure of transaction cost economics. This article clarifies the author's criticisms of TCE, discusses empirical evidence, and addresses policy interventions related to labor-managed firms.
JOURNAL OF INSTITUTIONAL ECONOMICS
(2022)
Review
Multidisciplinary Sciences
Edward B. Barbier
Summary: The growing risk of water crises, including drought, is one of the greatest challenges in the coming decades. A major shortcoming is the persistent underpricing of water, which leads to imbalanced water extraction and supply, environmental damage, and hindered water-saving innovations. However, drought can also serve as a catalyst for governance and policy reforms to address this issue.
PHILOSOPHICAL TRANSACTIONS OF THE ROYAL SOCIETY A-MATHEMATICAL PHYSICAL AND ENGINEERING SCIENCES
(2022)
Article
Business, Finance
Sanghyun Hong
Summary: This paper investigates the impact of incorporating transactions costs into the Campbell and Cochrane (1999b) model. The findings suggest that transactions costs can reduce the required level of relative risk aversion, but cannot completely solve the puzzle.
FINANCE RESEARCH LETTERS
(2022)
Article
Economics
Patrick W. Schmitz
Summary: In the property rights approach to the theory of the firm, ownership matters when parties have to make relationship-specific investments, but it remains important even when the investments are completely relationship-specific if negotiations after the investment stage require transaction costs. In this setting, a party may overinvest to induce the other party to incur the necessary transaction costs for entering the negotiation stage, leading to different investment outcomes compared to the standard model without transaction costs.
Article
Construction & Building Technology
Dinghuan Yuan, Yung Yau, Wenyi Lin, Jianxin Cheng
Summary: This study analyzes the transaction costs of urban village redevelopment projects in China from the perspective of transaction cost economics, finding that high levels of transaction costs in these projects have essential implications for process efficiency. Policymakers need to consider these costs and use hybrid institutional arrangements to enhance the efficiency and sustainability of policies.
Article
Economics
E. Glen Weyl, Anthony Lee Zhang
Summary: Many governments allocate use licenses for natural resources through auctions or market mechanisms, but existing license designs fail to achieve optimal outcomes in terms of investment incentives and asset allocation efficiency. This paper proposes a new mechanism, the depreciating license, which better navigates this trade-off.
AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
(2022)
Article
Environmental Studies
Meie Deng, Anlu Zhang, Congxi Cheng, Canwei Hu
Summary: This article examines the market transaction rules and villagers' willingness in China's rural collective construction land market and provides suggestions for improving the trading rules. The research findings indicate that high transaction costs and uncertainties in the transaction environment are the main factors affecting villagers' participation in the market.
Article
Green & Sustainable Science & Technology
Ling Jia, Queena K. Qian, Frits Meijer, Henk Visscher
Summary: This study focuses on key risks in residential building retrofit projects in China's hot summer and cold winter zone, with considerations of transaction costs. By identifying top risks through interviews and a questionnaire survey, the research aims to provide guidance for effective risk management in energy retrofit projects.
JOURNAL OF CLEANER PRODUCTION
(2021)
Article
Environmental Studies
Yangchenhao Wu, Kaifeng Duan, Wang Zhang
Summary: This study empirically examines the impact of Internet use on Chinese farmers' land transfer behavior using the analytical framework of new institutional economics. The results show that Internet use can significantly increase the probability and scale of farmers' participation in the land transfer market, especially among younger, more educated, and higher-income households.