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The Influence Of The Legal Background On The Transaction Costs On The Land Market In Hungary

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  • Orlovits, Zsolt

Abstract

This essay outlines an alternative “law and economics” interpretation of the concept of the land market. According to neo-institutional researchers, institutions provide the framework and the rules in a society, including legal regulations. This study is based on the legal background in Hungary, and it analyses the current agricultural legal norms of land property. The method used for this research was observing the legal norms in practice and adopting the methods of the economic analysis of law, including game (negotiation) theory and regulatory impact analysis. Describing the different legal institutions, such as easement, lease, agricultural subsidies, that has pecuniary value, the present article describes the transaction costs of selling and purchasing arable land, and the outcome of the decisions and options of the transaction participants.

Suggested Citation

  • Orlovits, Zsolt, 2008. "The Influence Of The Legal Background On The Transaction Costs On The Land Market In Hungary," Bulletin of the Szent Istvan University 43401, Szent Istvan University, Faculty of Economics and Social Sciences.
    • Handle: RePEc:ags:siubul:43401
    DOI: 10.22004/ag.econ.43401
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    1. Kreps, David M., 1990. "Game Theory and Economic Modelling," OUP Catalogue, Oxford University Press, number 9780198283812.
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