@article{Pannell:125851,
      recid = {125851},
      author = {Pannell, David J. and Roberts, Anna M. and Park, Geoff and  Alexander, Jennifer},
      title = {Improving environmental decisions: a transaction-costs  story},
      address = {2012-06-18},
      number = {1784-2016-141883},
      series = {Working Paper},
      pages = {17},
      month = {Jun},
      year = {2012},
      abstract = {A multidisciplinary team of researchers made efforts to  influence the design and implementation of environmental  policy in Australia. A focus of these efforts was the  development of the Investment Framework for Environmental  Resources (INFFER). In addition, the team undertook a  diversity of communication activities, training, user  support, and participation in committees and enquiries.  Transaction costs were relevant to these efforts in a  variety of ways. Environmental managers who adopted some  elements of INFFER incurred higher transaction costs than  they did using traditional, simpler methods for planning  and prioritising. The benefits that could be generated by  bearing specific transaction costs were carefully  considered, and a balance was struck between the system  having simplicity (and low transaction costs) and  delivering valuable environmental outcomes in the long  term. Transaction costs were factored into the planning and  prioritisation processed developed for INFFER. For example,  public and private transaction costs are accounted for in  the calculation of the Benefit: Cost Ratio for each  project, and in the analysis of which type of policy  mechanisms would be most suitable. The researchers’  experiences highlight the importance of transaction costs  and the diverse roles that they play in the processes of  developing, implementing and influencing environmental  policy programs.},
      url = {http://ageconsearch.umn.edu/record/125851},
      doi = {https://doi.org/10.22004/ag.econ.125851},
}