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The Political Economy of PipelinesA Century of Comparative Institutional Development$
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Jeff D. Makholm

Print publication date: 2012

Print ISBN-13: 9780226502106

Published to Chicago Scholarship Online: March 2013

DOI: 10.7208/chicago/9780226502120.001.0001

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The Essential Contributions of the New Institutional Economics

The Essential Contributions of the New Institutional Economics

Chapter:
(p.78) Chapter Five The Essential Contributions of the New Institutional Economics
Source:
The Political Economy of Pipelines
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226502120.003.0005

This chapter investigates transaction cost economics and includes a review of the restrictions on transacting imposed by requirements for common carriage and third-party access (TPA). It evaluates in detail the concepts of the new institutional economics. The cost of transacting with pipelines once demanded vertical integration. Common carriage was never used for gas pipelines in the United States. A digression on common carriage and TPA is ineluctable if an economic analysis of the different pipeline transport markets in the world is going to make sense. Mancur Olson attracted a number of implications that seem to be significant in how groups press to shape pipeline regulation and markets. His implications from the logic of collective action appeared to be confirmed often enough. The notion of property rights to point-to-point pipeline transport capacity was central to understanding modern pipeline markets.

Keywords:   transaction, cost economics, common carriage, third-party access, institutional economics, gas pipelines, United States, transport markets, Mancur Olson, collective action

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