@article{Marshall:12415,
      recid = {12415},
      author = {Marshall, Graham R. and Wall, Lisa M. and Jones, Randall  E.},
      title = {Economics of Integrated Catchment Management},
      journal = {Review of Marketing and Agricultural Economics},
      address = {1996-08},
      number = {430-2016-31415},
      pages = {11},
      year = {1996},
      abstract = {Integrated Catchment Management (ICM) can be viewed as an  institutional instrument designed to ameliorate losses of  economic efficiency that have arisen due to incomplete  specification of the privileges and restrictions attached  to property rights. If applied appropriately ICM can  facilitate the emergence of a market in which parties  disadvantaged by incomplete specification attempt to bribe  those advantaged, with the aim of obtaining the latter's  agreement to more complete specification. The instrument  provides potential for transactions costs of bargaining to  be reduced substantially by reducing the number of parties  eligible to participate in, and installing the state as  broker and arbiter of, the bargaining process.  Participation by sub-catchment committees and their  constituents in the bargaining process can also, by  fostering peer pressure, reduce the transactions costs of  monitoring and obtaining compliance with any bargains  successfully negotiated. However, the extent to which  transactions costs are reduced in practice, and bargains  are entered into and complied with as a result, depends on  how successfully ICM principles are applied in practice.},
      url = {http://ageconsearch.umn.edu/record/12415},
      doi = {https://doi.org/10.22004/ag.econ.12415},
}