DOI: 10.22620/agrisci.2011.05.011
Abstract
Contract coordination in the land market is a major problem for Bulgarian agriculture.The aim of the study is, on the basis of the analysis of the transactions and the institutional environment in the agricultural land market, to identify measures for its improvement. The methods used in the study are as follows: quantitative and comparative institutional analysis which examines how changes in legislation affect the average number of transactions; discrete structural analysis, which clarifies the specificity, frequency and uncertainty of transactions and shows the coordination within contracts. The results from the study point that: (1) the average number of transactions has increased over the years, (2) the coordination happens through a high number of documents, (3) the number of formal, written documents is high, although they represent transactions that may be replaced by alternative ones, based on the less expensive electronic and information technology. The listing is a prerequisite for high specificity, frequency and uncertainty of contracts with agricultural land and for higher levels of overall transaction costs in these contracts.