Transaction cost measurement for evaluating environmental policies |
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| Affiliation: | 1. Glorious Sun School of Business and Management, Donghua University, 1882 Yan''an Road West, Changning 200051, Shanghai, China;2. School of Management, Curtin University, Australia;3. School of Management, Western Australian School of Mines, Curtin University, Australia;4. Department of Technology Management for Innovation, School of Engineering, The University of Tokyo, Hongo 7-3-1, Bunkyo-ku, Tokyo, Japan;5. SHU-UTS SILC Business School, Shanghai University, 20 Cheng Zhong Road, Jiading 201899, Shanghai, China |
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| Abstract: | Policy choice and policy design need to take account of transaction costs in order to increase the efficiency and sustainability of policies. However, transaction costs must first be measured to be included in the evaluation of alternative environmental or natural resource policies. While a number of studies measure transaction costs, there has been no systematic treatment of the fundamental issues involved. This article examines the issues involved in transaction cost measurement and makes recommendations regarding a typology of costs as well as the measurement methodologies themselves. In particular, methods used for nonmarket valuation of environmental goods may have potential for the measurement of transaction costs. |
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