Timing and Distributional Aspects of Transaction Costs in Transferable Development Rights Programmes

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Title: Timing and Distributional Aspects of Transaction Costs in Transferable Development Rights Programmes
Authors: Shahab, Sina
Clinch, J. Peter
O'Neill, Eoin
Permanent link: http://hdl.handle.net/10197/9595
Date: May-2018
Online since: 2019-01-16T13:18:17Z
Abstract: Planners are required to evaluate planning policy instruments to develop a better understanding of how they can improve their policy design and implementation processes. Transferable Development Rights (TDR) programmes are one of the market-based policy instruments that have attracted considerable attention among planners and economists. Given that TDR programmes have been introduced as an alternative to traditional regulatory instruments in several jurisdictions on the basis that their implementation will result in better policy outcomes, evaluation of these alternative programmes is particularly important. Like all policy instruments, the activities concerned with the design and implementation of TDR programmes may involve significant transaction costs. These activities can be considered as a series of transactions from the perspective of Transaction Cost Economics (TCE). While transaction costs are expected to vary across the lifecycle of a policy instrument, up to now there have been no systematic research studies concerned with why, and how, such transaction costs occur and are distributed among parties involved in different phases of TDR programmes. So as to aid better design and implementation of TDR programmes, this paper analyses the effects of transaction costs throughout the life of four TDR programmes (Calvert, Montgomery, St. Mary's, and Charles Counties) in the US state of Maryland in order to gain a better understanding of the timing and distribution of such costs incurred by different parties involved.
Funding Details: Environmental Protection Agency
Science Foundation Ireland
Type of material: Journal Article
Publisher: Elsevier
Journal: Habitat International
Volume: 75
Start page: 131
End page: 138
Copyright (published version): 2018 Elsevier
Keywords: Transferable development rights (TDR)Transaction cost economics (TCE)Planning policy instrumentsInstitutional design and arrangementsPolicy lifecycle
DOI: 10.1016/j.habitatint.2018.03.006
Language: en
Status of Item: Peer reviewed
Appears in Collections:Geary Institute Research Collection
Earth Institute Research Collection
Architecture, Planning and Environmental Policy Research Collection

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