Understanding Efficiency of Agrarian Organisation
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.
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