A transaction cost approach to climate adaptation: Insights from Coase, Ostrom and Williamson and evidence from the 400-year old zangjeras

► Argues that transaction cost is central to the analytics of climate adaptation. ► Applies the Coase, Ostrom and Williamson's (COW) model to the analytics. ► Illustrates model with a successful 400-year old local commons in the Philippines. ► Success is associated with low transaction cost arising from design of institutions. ► Concludes that COW model is useful for the analytics of climate adaptation.