TRANSACTION COSTS AND THEIR SIGNIFICANCE IN THE DEVELOPMENT OF AGRICULTURE

Authors

  • Ospanova F.B.

Abstract

 Abstract: This thesis examines the concept of transaction costs and their critical role in the agricultural sector. Transaction costs, which include expenses related to search, information, bargaining and decision-making, and policing, and enforcement, are integral to understanding the economic behaviors and choices within the agricultural industry. The analysis delves into how these costs affect farmers' access to markets, their ability to negotiate better terms, and the overall efficiency of agricultural operations.

References

References:

Coase, R. H. (1937). "The Nature of the Firm." Economica, 4(16), 386-405.

Williamson, O. E. (1981). "The Economics of Organization: The Transaction Cost Approach." American Journal of Sociology, 87(3), 548-577.

North, D. C. (1990). "Institutions, Institutional Change and Economic Performance." Political Economy, 98(5), 803-816.

Pindyck, R. S., & Rubinfeld, D. L. (2018). "Microeconomics." Pearson, 9th Edition.

Akerlof, G. A. (1970). "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism." The Quarterly Journal of Economics, 84(3), 488-500.

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Published

2024-06-23

How to Cite

Ospanova F.B. (2024). TRANSACTION COSTS AND THEIR SIGNIFICANCE IN THE DEVELOPMENT OF AGRICULTURE. Journal of New Century Innovations, 55(1), 170–173. Retrieved from https://newjournal.org/new/article/view/15281

Issue

Vol. 55 No. 1 (2024): Journal of new century innovations | www.newjournal.org | Volume-55 | Issue-1

Section

Articles