Understanding Efficiency of Agrarian Organisation
Annals of the University of Petrosani, Economics, 2009, vol. 9, issue 1, 27-42
In this paper we incorporate achievements of interdisciplinary New Institutional and Transaction Costs Economics (combining Economics, Organization, Law, Sociology, Behavioural and Political Sciences) into analysis of agrarian organizations and suggest a framework for evaluating efficiency of different governing structures in agriculture. This new approach includes: study of farm and other agrarian organizations as a governing rather than production structure; assessment of comparative efficiency of alternative (market, contract, internal, hybrid) modes of governance; analysis of level of transaction costs and their institutional, behavioural (agents preferences, bounded rationality, tendency for opportunism), dimensional (frequency, uncertainty, assets specificity, and appropriability of transactions), and technological factors; and determination of effective horizontal and vertical boundaries of farms, and other agrarian organizations.
Keywords: agrarian governance; efficiency of farms and agrarian organizations; transaction costs; new institutional and transaction costs economics (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:pet:annals:v:9:i:1:y:2009:p:27-42
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