H. Bachev, PhD in Economics, Professor Institute of Agricultural Economics, Sofia, Bulgaria NEW INSTITUTIONAL ECONOMICS FRAMEWORK FOR ASSESSING AND IMPROVING AGRARIAN ORGANIZATIONS

We incorporate interdisciplinary New Institutional and Transaction Costs Economics and suggest a framework for assessing efficiency of farms and agrarian organizations. Our new approach includes: study of farm and agrarian organizations as governing rather than production structure; assessment of comparative efficiency of alternative market, contract, internal, and hybrid modes of governance; analysis of level of transaction costs and their institutional, behavioral, dimensional, technological and natural factors; determination of criteria of farm efficiency and its effective boundaries; specification of economic role of government and needs for public interventions in agrarian sector; assessment of comparative efficiency of alternative forms of public involvement.

Keywords: efficiency of farms and agrarian organizations; market, private and public governance.

DOI: http://dx.doi.org/10.17721/1728-2667.2013/150-9/1

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