Transaction Costs of Low-Carbon Technologies and Policies : The Diverging Literature

Mundaca, Luis; Mansoz, Mathilde; Neij, Lena; Timilsina, Govinda R.

Transaction Costs of Low-Carbon Technologies and Policies : The Diverging Literature

Autores

Mundaca, Luis

Mansoz, Mathilde

Neij, Lena

Timilsina, Govinda R.

Editor

World Bank, Washington, DC

Descripción

Transaction costs are major challenge to moving forward toward low-carbon economic growth, as new technologies or policies tend to have higher transaction costs compared with those in the business as usual situation. However, neither a well-developed theoretical foundation nor a consensus interpretation is available for those transaction costs in the existing literature. The definitions and therefore the estimations of transaction costs vary across existing studies. The wide variations in the estimates could be attributed to several factors such as the very definitions and scope of transaction costs considered in the studies, the methodology for quantifying these costs, the type and size of low-carbon technologies, and complexities involved in the transactions. Nevertheless, the existing literature converges on addressing market failures, such as lack of information, in developing regulatory and institutional capacity to enhance private sector confidence in energy efficiency business as a key means to help reduce the transaction costs of low-carbon technologies.

Palabras clave

ABATEMENT, ACCOUNTING, ADMINISTRATIVE COSTS, ADMINISTRATIVE PROCEDURES, AGRICULTURAL COMMODITIES, AGRICULTURE, ALLOWANCE TRADING, APPROACH, AUDITS, AVAILABILITY OF CREDIT, BALANCE, BASELINE EMISSIONS, BENCHMARKS, BIOGAS, BIOLOGICAL DIVERSITY, BIOMASS, BOILER, BOUNDED RATIONALITY, BROKER, BROKERAGE, BROKERAGE FIRMS, BROKERS, BUSINESS ACTIVITIES, BUYER, BUYERS, CAPACITY FACTOR, CARBON, CARBON ABATEMENT, CARBON EMISSIONS, CARBON MARKET, CARBON REDUCTIONS, CERTIFICATE, CERTIFICATES, CERTIFIED EMISSION REDUCTION, CHECKS, CLEAN DEVELOPMENT MECHANISM, CLEAN ENERGY, CLEAN ENERGY TECHNOLOGIES, COLLECTIVE ACTION, COMMERCIAL BANKS, COMMODITIES, COMPACT FLUORESCENT LAMPS, COMPETITIVE MARKET, COMPLIANCE COSTS, CONCEPTUAL FRAMEWORK, CONSUMERS, CONTRACT ENFORCEMENT, CONTRACTUAL AGREEMENT, COST ANALYSES, COST OF ENERGY, CUSTOMER SATISFACTION, DATA PROCESSING, DECISION MAKING, DEFORESTATION, DEVELOPED COUNTRIES, DEVELOPMENT ECONOMICS, DEVELOPMENT POLICY, DOMAIN, ECONOMIC ACTIVITY, ECONOMIC ASSETS, ECONOMIC GROWTH, ECONOMIC INSTRUMENTS, ECONOMIC LIFE, EFFICIENCY IMPROVEMENTS, EFFICIENCY INVESTMENTS, ELECTRICITY, ELECTRICITY GENERATION, ELECTRICITY PRICE, ELECTRICITY PRODUCERS, EMISSION, EMISSION REDUCTION, EMISSION REDUCTIONS, EMISSIONS, EMISSIONS REDUCTION, EMISSIONS REDUCTIONS, EMPIRICAL STUDIES, END USERS, END-USERS, ENERGY AUDIT, ENERGY CONSERVATION, ENERGY DEMAND, ENERGY EFFICIENCY, ENERGY EFFICIENCY IMPROVEMENTS, ENERGY EXPENDITURE, ENERGY PRICES, ENERGY SAVINGS, ENFORCEMENT OF CONTRACTS, ENVIRONMENTAL, ENVIRONMENTAL ECONOMICS, EQUILIBRIUM, EQUIPMENT, EQUIPMENTS, EXCLUSIVE RIGHTS, EXPENDITURES, FINANCIAL BENEFITS, FINANCIAL RESOURCES, FINANCIAL SUPPORT, FINANCIAL SUSTAINABILITY, FIXED COSTS, FORECASTS, FORESTRY, FUEL, GOVERNMENT POLICY, GREENHOUSE GAS, GREENHOUSE GASES, HEAT, HEATING SYSTEM, HOST COUNTRY, HYDROPOWER, INSTALLATION, INSTALLATIONS, INSTITUTIONAL BARRIERS, INSTITUTIONAL CAPACITY, INSTITUTIONAL FRAMEWORK, INSTITUTIONAL FRAMEWORKS, INSTRUMENT, INSURANCE, INTEREST RATES, INTERNATIONAL BANK, ISSUANCE, LANDOWNERS, LEGAL FRAMEWORK, LEGAL FRAMEWORKS, LEGAL SYSTEM, LIMITED ACCESS, LIQUIDITY, MARGINAL COST, MARKET CONDITIONS, MARKET FAILURE, MARKET FAILURES, MARKET LIQUIDITY, MARKET MECHANISMS, MARKET PRICE, MARKET TRANSACTIONS, MARKETING, MATURITY, NATURAL GAS, NATURAL RESOURCE, NATURAL RESOURCES, NEGATIVE EXTERNALITIES, NEW TECHNOLOGIES, NICHE MARKETS, NUCLEAR SAFETY, OPEN ACCESS, OPPORTUNITY COSTS, PILOT TESTING, POLICY DECISIONS, POLICY INSTRUMENTS, POLICY MAKERS, PORTFOLIO, POWER, PRICE INFORMATION, PRICE RISK, PRICE UNCERTAINTY, PRIVATE SECTOR, PROCESS INFORMATION, PRODUCERS, PRODUCT AVAILABILITY, PRODUCT INFORMATION, PRODUCTION COSTS, PROJECT MANAGEMENT, PROPERTY RIGHT, PROPERTY RIGHTS, PROTOCOL, PROTOTYPE, QUOTAS, REDUCING EMISSIONS, REGISTRY, REGULATORY FRAMEWORK, REGULATORY FRAMEWORKS, RELIABILITY, RENEGOTIATION, RENEWABLE ENERGY, RENEWABLE ENERGY PRODUCERS, RENEWABLE ENERGY PRODUCTION, RENEWABLE ENERGY TECHNOLOGIES, RENEWABLE ENERGY TECHNOLOGY, RENEWABLE PORTFOLIO STANDARD, RESERVE, RESIDENTIAL ENERGY, RESOURCE MANAGEMENT, RESULT, RESULTS, ROLE OF INSTITUTIONS, SEARCH, SENSITIVE INFORMATION, SENSITIVITY ANALYSES, SHARE VALUE, SOLAR ENERGY, STANDARDIZATION, STATISTICAL DATA, SUGAR CANE, SUPERVISION, TARGETS, TAX, TAXONOMY, TECHNICAL ASSISTANCE, TECHNOLOGY IMPLEMENTATION, TELEPHONE, TOTAL COSTS, TRADABLE PERMIT, TRADING COSTS, TRADING SYSTEMS, TRANSACTION, TRANSACTION COST, TRANSACTION COSTS, TRANSACTIONS COSTS, TRANSFER OF PROPERTY RIGHTS, TRUST FUND, USER, USERS, USES, UTILITIES, VERIFICATION, VERTICAL INTEGRATION, WEALTH, WEB, WEB SITES, WIND, WIND ENERGY, WIND FARM, WIND POWER