IDEAS home Printed from https://ideas.repec.org/p/fpr/mssddp/41.html
   My bibliography  Save this paper

The new institutional economics

Author

Listed:
  • Kherallah, Mylène
  • Kirsten, Johann

Abstract

This paper summarizes the potential contributions of the new institutional economics to agricultural policy research, with particular emphasis on developing countries. The paper provides an overview of the new institutional economics and its several branches of thought. It then describes the future challenges facing world agriculture and shows the potential applications of new institutional and transaction costs economics to agricultural policy analysis in this new world environment. The paper concludes by providing specific examples of interest in the area of agricultural market research in developing countries that can be analyzed using the new institutional economics.

Suggested Citation

  • Kherallah, Mylène & Kirsten, Johann, 2001. "The new institutional economics," MSSD discussion papers 41, International Food Policy Research Institute (IFPRI).
  • Handle: RePEc:fpr:mssddp:41
    as

    Download full text from publisher

    File URL: https://www.ifpri.org/cdmref/p15738coll2/id/68828/filename/68829.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Nabli, Mustapha K. & Nugent, Jeffrey B., 1989. "The New Institutional Economics and its applicability to development," World Development, Elsevier, vol. 17(9), pages 1333-1347, September.
    2. Joseph E. Stiglitz, 1974. "Incentives and Risk Sharing in Sharecropping," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 41(2), pages 219-255.
    3. Nigel Key & Elisabeth Sadoulet & Alain De Janvry, 2000. "Transactions Costs and Agricultural Household Supply Response," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(2), pages 245-259.
    4. Stigler, George J., 2011. "Economics of Information," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 5, pages 35-49.
    5. Durlauf, Steven N. & Fafchamps, Marcel, 2005. "Social Capital," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 26, pages 1639-1699, Elsevier.
    6. Unnevehr, Laurian J., 2000. "Food safety issues and fresh food product exports from LDCs," Agricultural Economics, Blackwell, vol. 23(3), pages 231-240, September.
    7. Oliver Hart & John Moore, 1999. "Foundations of Incomplete Contracts," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 66(1), pages 115-138.
    8. Grossman, Sanford J & Hart, Oliver D, 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 691-719, August.
    9. Arnott, Richard & Greenwald, Bruce & Stiglitz, Joseph E., 1994. "Information and economic efficiency," Information Economics and Policy, Elsevier, vol. 6(1), pages 77-82, March.
    10. Cook, Michael L. & Chaddad, Fabio R., 2000. "Agroindustrialization of the global agrifood economy: bridging development economics and agribusiness research," Agricultural Economics, Blackwell, vol. 23(3), pages 207-218, September.
    11. Drabenstott, Mark, 1995. "Agricultural Industrialization: Implications for Economic Development and Public Policy," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 27(1), pages 13-20, July.
    12. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    13. Marcel Fafchamps, 2002. "Returns to social network capital among traders," Oxford Economic Papers, Oxford University Press, vol. 54(2), pages 173-206, April.
    14. Marcel Fafchamps & Bart Minten, 1999. "Relationships and traders in Madagascar," Journal of Development Studies, Taylor & Francis Journals, vol. 35(6), pages 1-35.
    15. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
    16. Ronald H. Coase, 2000. "The new institutional economics," Chapters, in: Claude Ménard (ed.), Institutions, Contracts and Organizations, chapter 1, Edward Elgar Publishing.
    17. Richard A. Posner, 1974. "Theories of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 5(2), pages 335-358, Autumn.
    18. Binswanger, Hans P & McIntire, John, 1987. "Behavioral and Material Determinants of Production Relations in Land-Abundant Tropical Agriculture," Economic Development and Cultural Change, University of Chicago Press, vol. 36(1), pages 73-99, October.
    19. Jill E. Hobbs, 1997. "Measuring the Importance of Transaction Costs in Cattle Marketing," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(4), pages 1083-1095.
    20. Meinzen-Dick, Ruth & Raju, K. V. & Gulati, Ashok, 2002. "What Affects Organization and Collective Action for Managing Resources? Evidence from Canal Irrigation Systems in India," World Development, Elsevier, vol. 30(4), pages 649-666, April.
    21. Stiglitz, Joseph E, 1985. "Information and Economic Analysis: A Perspective," Economic Journal, Royal Economic Society, vol. 95(380a), pages 21-41, Supplemen.
    22. Posner, Richard A., 1984. "Wealth maximization and judicial decision-making," International Review of Law and Economics, Elsevier, vol. 4(2), pages 131-135, December.
    23. Jean Ensminger, 2000. "Experimental economics in the bush: why institutions matter," Chapters, in: Claude Ménard (ed.), Institutions, Contracts and Organizations, chapter 13, Edward Elgar Publishing.
    24. Bardhan, Pranab, 1989. "The new institutional economics and development theory: A brief critical assessment," World Development, Elsevier, vol. 17(9), pages 1389-1395, September.
    25. Boehlje, Michael & Doering, Otto C., III, 2000. "Farm Policy In An Industrialized Agriculture," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 18(1), pages 1-8, March.
    26. Claude Ménard (ed.), 2000. "Institutions, Contracts and Organizations," Books, Edward Elgar Publishing, number 1921.
    27. Steven Were Omamo, 1998. "Transport Costs and Smallholder Cropping Choices: An Application to Siaya District, Kenya," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(1), pages 116-123.
    28. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    29. Drabenstott, Mark, 1995. "Agricultural Industrialization: Implications For Economic Development And Public Policy," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 27(1), pages 1-8, July.
    30. Olson, Mancur & Kahkohnen, Satu (ed.), 2000. "A Not-so-dismal Science: A Broader View of Economies and Societies," OUP Catalogue, Oxford University Press, number 9780198294900.
    31. Key, Nigel & Runsten, David, 1999. "Contract Farming, Smallholders, and Rural Development in Latin America: The Organization of Agroprocessing Firms and the Scale of Outgrower Production," World Development, Elsevier, vol. 27(2), pages 381-401, February.
    32. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
    33. George J. Stigler, 1967. "Imperfections in the Capital Market," Journal of Political Economy, University of Chicago Press, vol. 75, pages 287-287.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Rashid, Shahidur & Sharma, Manohar & Zeller, Manfred, 2002. "Micro-lending for small farmers in Bangladesh," MTID discussion papers 45, International Food Policy Research Institute (IFPRI).
    2. Freeman, H. Ade & Kaguongo, Wachira, 2003. "Fertilizer market liberalization and private retail trade in Kenya," Food Policy, Elsevier, vol. 28(5-6), pages 505-518.
    3. Dorosh, Paul A. & Shahabuddin, Quazi, 2002. "Rice price stabilization in Bangladesh," MSSD discussion papers 46, International Food Policy Research Institute (IFPRI).
    4. Leonard, David K. & Bloom, Gerald & Hanson, Kara & O’Farrell, Juan & Spicer, Neil, 2013. "Institutional Solutions to the Asymmetric Information Problem in Health and Development Services for the Poor," World Development, Elsevier, vol. 48(C), pages 71-87.
    5. Nicholas Minot & Lisa Daniels, 2005. "Impact of global cotton markets on rural poverty in Benin," Agricultural Economics, International Association of Agricultural Economists, vol. 33(s3), pages 453-466, November.
    6. Shahabuddin, Quazi & Dorosh, Paul A., 2002. "Comparative advantage in Bangladesh crop production," MTID discussion papers 47, International Food Policy Research Institute (IFPRI).
    7. Qiu‐Shuang Fang & Hong‐Xun Li, 2021. "The concept delimitation, the value realization process, and the realization path of the capitalization of forest ecological resources," Natural Resources Forum, Blackwell Publishing, vol. 45(4), pages 424-440, November.
    8. Thapa, Gopal B. & Rasul, Golam, 2005. "Patterns and determinants of agricultural systems in the Chittagong Hill Tracts of Bangladesh," Agricultural Systems, Elsevier, vol. 84(3), pages 255-277, June.
    9. Konlambigue, Abdou, 2008. "Financing agricultural inputs in Northern Togo through an inventory credit system: an economic analysis of institutional response," 2007 Second International Conference, August 20-22, 2007, Accra, Ghana 52100, African Association of Agricultural Economists (AAAE).
    10. Borbala Balint & Peter Wobst, 2006. "Institutional Factors and Market Participation by Individual Farmers: The Case of Romania," Post-Communist Economies, Taylor & Francis Journals, vol. 18(1), pages 101-121.
    11. Gulati, Ashok & Narayanan, Sudha, 2002. "Rice trade liberalization and poverty," MTID discussion papers 51, International Food Policy Research Institute (IFPRI).
    12. Spielman, David J., 2007. "Pro-poor agricultural biotechnology: Can the international research system deliver the goods?," Food Policy, Elsevier, vol. 32(2), pages 189-204, April.
    13. Jordaan, Henry & Grove, Bennie, 2010. "Analysis of the Governance Structure used by Eksteenskull Raisin Producers: Is there a need for more Vertical Coordination?," 2010 AAAE Third Conference/AEASA 48th Conference, September 19-23, 2010, Cape Town, South Africa 96645, African Association of Agricultural Economists (AAAE).
    14. Alexandros Maziotis & Elisa Calliari & Jaroslav Mysiak, 2013. "Robust Institutions for Sustainable Water Markets: A Survey of the Literature and the Way Forward," Working Papers 2013.58, Fondazione Eni Enrico Mattei.
    15. Quattri, Maria A. & Ozanne, Adam & Wang, Xioabing & Hall, Alastair R., 2011. "On The Role Of The Brokerage Institution In The Development Of Ethiopian Agricultural Markets," 85th Annual Conference, April 18-20, 2011, Warwick University, Coventry, UK 108941, Agricultural Economics Society.
    16. Roberto Dell’Anno, 2010. "Institutions and human development in the Latin American informal economy," Constitutional Political Economy, Springer, vol. 21(3), pages 207-230, September.
    17. Baylis, Katherine R. & Chhatre, Ashwini & Prasanna, Satya & Songsermsawas, Tisom, 2012. "Friends or Traders? Do social networks affect the use of market mechanisms by farmers in India," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124889, Agricultural and Applied Economics Association.
    18. Wambugu, Stella N. & Okello, Julius Juma & Nyikal, Rose Adhiambo & Bekele, Shiferaw, 2009. "Effect of Social Capital on Performance of Smallholder Producer Organizations: The Case of Groundnut Growers in Western Kenya," 2009 Conference, August 16-22, 2009, Beijing, China 51466, International Association of Agricultural Economists.
    19. Magingxa, Litha Light & Kamara, Abdul B., 2003. "Institutional Perspectives Of Enhancing Smallholder Market Access In South Africa," 2003 Annual Conference, October 2-3, 2003, Pretoria, South Africa 19077, Agricultural Economics Association of South Africa (AEASA).
    20. Mungandi, Sepiso & Conforte, Daniel & Shadbolt, Nicola M., 2012. "Integration of Smallholders in Modern Agri-food Chains: Lessons from the KASCOL Model in Zambia," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 15(3), pages 1-22, September.
    21. Delgado, Christopher L. & Rosegrant, Mark W. & Wada, Nikolas & Meijer, Siet & Ahmed, Mahfuzuddin, 2002. "Fish as food," MTID discussion papers 52, International Food Policy Research Institute (IFPRI).
      • Delgado, Christopher L. & Rosegrant, Mark W. & Wada, Nikolas & Meijer, Siet & Ahmed, Mahfuzuddin, 2002. "Fish as food," MSSD discussion papers 52, International Food Policy Research Institute (IFPRI).
    22. Kirsten, Johann F., 2004. "Expanding the Frontiers of Agricultural Economics to Meet the Future Challenges of Agricultural Development," 2004 Inaugural Symposium, December 6-8, 2004, Nairobi, Kenya 9519, African Association of Agricultural Economists (AAAE).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kherallah, Mylene & Kirsten, Johann F, 2002. "The New Institutional Economics: Applications For Agricultural Policy Research In Developing Countries," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 41(2).
    2. Wang, Sen & Bogle, Tim & van Kooten, G. Cornelis, 2012. "Forestry and the New Institutional Economics," Working Papers 130818, University of Victoria, Resource Economics and Policy.
    3. Darcy W E Allen, 2020. "When Entrepreneurs Meet:The Collective Governance of New Ideas," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number q0269, January.
    4. Zezza, Alberto & Llambi, Luis, 2002. "Meso-Economic Filters Along the Policy Chain: Understanding the Links Between Policy Reforms and Rural Poverty in Latin America," World Development, Elsevier, vol. 30(11), pages 1865-1884, November.
    5. Hudson, Darren, 2001. "Cross-Commodity Perspective On Contracting: Evidence From Mississippi," Research Reports 15800, Mississippi State University, Department of Agricultural Economics.
    6. Henrik Egbert & Teodor Sedlarski, 2011. "Exploring Impact: Negative Effects of Social Networks," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 1(2), pages 1-80.
    7. Katharina Pistor & Chenggang Xu, 2002. "Law Enforcement under Incomplete Law: Theory and Evidence from Financial Market Regulation," STICERD - Theoretical Economics Paper Series 442, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
    8. J. Barkley Rosser, 2003. "A Nobel Prize for Asymmetric Information: The economic contributions of George Akerlof, Michael Spence and Joseph Stiglitz," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 3-21.
    9. Curtiss, Jarmila, 2012. "Determinants of Financial Capital Use: Review of theories and implications for rural businesses," Working papers 122846, Factor Markets, Centre for European Policy Studies.
    10. Duarte N. Leite & Sandra T. Silva & Oscar Afonso, 2014. "Institutions, Economics And The Development Quest," Journal of Economic Surveys, Wiley Blackwell, vol. 28(3), pages 491-515, July.
    11. Palau, Hernan & Jatib, Ines, 2003. "Constraints and Limitations to the Design and Implementation or Origin and Quality Assurance Systems for Argentine Beef," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 6(2), pages 1-20.
    12. Mahamoud, Ismael, 2008. "Contraintes institutionnelles et règlementaires et le secteur informel à Djibouti [Institutional and regulatory constraints and the informal sector in Djibouti]," MPRA Paper 48886, University Library of Munich, Germany.
    13. Xu, Cheng-Gang & Pistor, Katharina, 2003. "Law Enforcement under Incomplete Law: Theory and Evidence from Financial Market Regulation," CEPR Discussion Papers 3788, C.E.P.R. Discussion Papers.
    14. Baylis, Katherine R. & Chhatre, Ashwini & Prasanna, Satya & Songsermsawas, Tisom, 2012. "Friends or Traders? Do social networks affect the use of market mechanisms by farmers in India," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124889, Agricultural and Applied Economics Association.
    15. Curtiss, Jarmila, 2012. "Determinants of Financial Capital Use: Review of theories and implications for rural businesses," Factor Markets Working Papers 123, Centre for European Policy Studies.
    16. Pistor, Katharina & Xu, Cheng-Gang, 2002. "Law enforcement under incomplete law: theory and evidence from financial market regulation," LSE Research Online Documents on Economics 3748, London School of Economics and Political Science, LSE Library.
    17. Gagliardi, Francesca, 2008. "Institutions and economic change: A critical survey of the new institutional approaches and empirical evidence," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(1), pages 416-443, February.
    18. Cook, Michael L. & Chaddad, Fabio R., 2000. "Agroindustrialization of the global agrifood economy: bridging development economics and agribusiness research," Agricultural Economics, Blackwell, vol. 23(3), pages 207-218, September.
    19. Olivier Meier & Aurélie Sannajust, 0. "The smart contract revolution: a solution for the holdup problem?," Small Business Economics, Springer, vol. 0, pages 1-16.
    20. Ashok Chakravarti, 2012. "Institutions, Economic Performance and the Visible Hand," Books, Edward Elgar Publishing, number 14751.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fpr:mssddp:41. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/ifprius.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.