| In the United States, the Clean Water Act requires compensatory measures for aquatic ecosystems damaged by development projects. From the 90's to improve the quality of the system, we have seen the emergence of a market system to supervise the transactions related to the implementation of actions for compensation. The theoretical framework of neo-institutional economics states that the choice of the organization of a transaction is based on the minimization of transaction costs. These costs are related to the coordination mechanisms that are specific to each type of organization and which efficiency in terms of transaction costs depends on the characteristics of the transaction: asset specificity, uncertainty and frequency of the transactions. Transactions... |
