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Economics of Integrated Catchment Management

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  • Marshall, Graham R.
  • Wall, Lisa M.
  • Jones, Randall E.

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.

Suggested Citation

  • Marshall, Graham R. & Wall, Lisa M. & Jones, Randall E., 1996. "Economics of Integrated Catchment Management," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 64(02), pages 1-11, August.
    • Handle: RePEc:ags:remaae:12415
    DOI: 10.22004/ag.econ.12415
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    References listed on IDEAS

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    1. Johnson, R.W.M., 1992. "Resource Management, Sustainability And Property Rights In New Zealand," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 36(2), pages 1-19, August.
    2. Bromley, Daniel W & Hodge, Ian, 1990. "Private Property Rights and Presumptive Policy Entitlements: Reconsidering the Premises of Rural Policy," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 17(2), pages 197-214.
    3. Bawden, Richard J. & Macadam, Robert D. & Packham, Roger J. & Valentine, Ian, 1984. "Systems thinking and practices in the education of agriculturalists," Agricultural Systems, Elsevier, vol. 13(4), pages 205-225.
    4. R.W.M. Johnson, 1992. "Resource Management, Sustainability And Property Rights In New Zealand," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 36(2), pages 167-185, August.
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    Cited by:

    1. Marshall, Graham R., 2013. "Transaction Costs, Collective Action And Adaptation In Managing Social-Ecological Systems," 2013 Conference (57th), February 5-8, 2013, Sydney, Australia 152166, Australian Agricultural and Resource Economics Society.
    2. Jeff Bennett, 2005. "Australasian environmental economics: contributions, conflicts and ‘cop‐outs’," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 49(3), pages 243-261, September.
    3. Sarker, Ashutosh & Ross, Helen & Shrestha, Krishna K., 2008. "A common-pool resource approach for water quality management: An Australian case study," Ecological Economics, Elsevier, vol. 68(1-2), pages 461-471, December.

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