Yellow Sand Storms and the Coase Theorem
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In this paper, we construct a Coase Theorem example with China and Korea as injurer and victim respectively, and show that the traditional Coase theorem is no more useful in dealing with the so-called transboundary pollutions which move across national borders. A new source of transaction costs comes from the absence or incompleteness of property rights in transboundary pollution. This especially makes state-to-state bargaining much more costly than domestic bargaining. In particular, in case of yellow sand storms in the Northeast Asia, nations opt to choose a more decentralized, less committed form of cooperation, compared to other regional transboundary pollution cases. We show that transaction costs in yellow sand storm negotiations are particularly region-specific and idiosyncratic and that state parties in Northeast region prefer more de-centralized, more horizontal and less committed form of resolution of the Dust and Sandstorms (DSS) than those in ASEAN and European regions. We also argue that the modality of cooperation in control of dust and sandstorms is an outcome of economizing these transaction costs.
Abstract
In this paper, we construct a Coase Theorem example with China and Korea as injurer and victim respectively, and show that the traditional Coase theorem is no more useful in dealing with the so-called transboundary pollutions which move across national borders. A new source of transaction costs comes from the absence or incompleteness of property rights in transboundary pollution. This especially makes state-to-state bargaining much more costly than domestic bargaining. In particular, in case of yellow sand storms in the Northeast Asia, nations opt to choose a more decentralized, less committed form of cooperation, compared to other regional transboundary pollution cases. We show that transaction costs in yellow sand storm negotiations are particularly region-specific and idiosyncratic and that state parties in Northeast region prefer more de-centralized, more horizontal and less committed form of resolution of the Dust and Sandstorms (DSS) than those in ASEAN and European regions. We also argue that the modality of cooperation in control of dust and sandstorms is an outcome of economizing these transaction costs.
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