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1、JournalofInstitutionalEconomics(2010),6:2,261–280CTheJOIEFoundation2010doi:10.1017/S1744137409990361Ownershipstructureandincentivestoinvest:dual-structuredirrigationcooperativesinAustraliaBRADLEYPLUNKETT∗TradeandMarketDevelopment,DepartmentofAgricultureandFood,WesternAustraliaFABIOR.CHADDADUnivers
2、ityofMissouriandIbmec,SaoPaulo,Brazil˜MICHAELL.COOKUniversityofMissouri,Columbia,MOAbstract:Inthepastdecade,Australiahasbeguntoprivatizeitsirrigationsystem.Twogeneralmodelshaveemerged:asingleandadualownershipstructure.Thispaperexaminesthetrade-offs,costsandbenefits,andtheattendantefficienciesregardin
3、gcostsofownership.Inparticular,weexaminemembercapitalinvestmentincentivesandresultantrisk-bearingcostsrelatedtocapitalformation.Thepaperconcludesthatthedualownershipstructuresystemhassignificanteconomicadvantagesrelativetoitssingle-structuredcounterpart.1.IntroductionAustraliaishighlydependentuponir
4、rigationwaterforagriculturalproductionandprofitability.Althoughthecountry’sirrigatedareaislessthan1%ofitstotalagriculturalarea,itgenerates28%oftotalagriculturalproductionand51%oftotalagriculturalprofit(CSRIO,2005).Historically,irrigationwatersupplyservicesschemeshavebeendevelopedandoperatedbystategov
5、ernments,oftendeliveringpoorfinancial,resourceallocation,andenvironmentaloutcomes(SalethandDinar,1999,2004;DepartmentofNaturalResourcesandEnvironment,2001).Asaresult,NewSouthWales(NSW)andWesternAustralia(WA)transferredtheirirrigationschemestolocalownershipwithsubsequentimprovementsinfinancialandenvir
6、onmentaloutcomes(MarsdenJacobAssociates,2004;IrrigationReviewSteeringCommittee,2005).Thispaperexaminesindetailoneofthetwogeneralownershipstructuresthathaveemergedaftertheprivatizationoftheseschemes:thedualownershipgovernancestructure.InNSW,mostlocallyowned,privatizedirrigationschemes∗Email:brad.plu
7、nkett@agric.wa.gov.auTheauthorswouldliketothankcommentsandsuggestionsofferedbyCEOsGeoffCalderandMurraySmith;lawyerJenniMattila,thecreatoroftheseinnovativestructures;andthreeanonymousreferees.261262BRADLEYPL
