Understanding the evolution and performance of water markets and allocation policy: A transaction costs analysis framework

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Transaction costs, collective action and adaptation in managing complex social–ecological systems (2013, background): “Constraints imposed by path dependencies on adaptation to environmental changes have been acknowledged by economists concerned with institutional and transaction cost issues in natural resources management (e.g. Grolleau and McCann 2012; Garrick and Aylward 2012; Garrick et al. 2013; McCann 2013).”