title: The concept of minimization of transaction costs of functioning of the dual market of agricultural lands
metadata.name: dc.contributor.author
metadata.value: Fedyunina, Elena N.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Oganesyan, Liliya O.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2022-03-04T17:36:27Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2022-03-04T17:36:27Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2021-12
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Fedyunina E. N., Oganesyan L. O. (2021) The concept of minimization of transaction costs of functioning of the dual market of agricultural lands. St Petersburg University Journal of Economic Studies, vol. 37, iss. 4, pp. 628–655.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu05.2021.405
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/35463
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: This article provides the concept of minimizing transaction expenses for farmland market
  functioning, based on principles for minimizing transaction expenses on the property rights
  market developed by R. Coase, O. Williamson, D. North, J. Hodgson, E. Furubotn, original
  provisions on the dual structure of Russian agricultural land market with full and limited
  property rights transactions. The comparative institutional analysis of the dual market, transactors
  of various property types and transaction expense types demonstrates that three stages
  of full and limited property rights market transaction are characterized by high permanent
  transaction expenses related to providing data on property rights transaction, negotiations,
  preparing and signing contracts, as well as formal regulations. Due to high rates of transaction
  formalization, the full property rights market demonstrates higher expenses than the
  limited rights market, where expenses for long-term contractual relations are caused mainly
  by subjective factors and informal restrictions. The amount of expenses is unevenly distributed
  between transactors depending on land ownership type and form: expenses for state
  and municipal lands transaction, as well as for shared land ownership, are higher compared
  to transaction of private property rights. Some high transaction expenses are permanent and establish property rights specification and value, possible to be minimized only with time by
  amending legal standards and regulations in order to improve market transaction terms. Other
  expenses are established independently by transactors during the market exchange and can
  be minimized through indirect regulators changing behavioral aspects of market participants
  and direct regulators aimed at developing institutional and infrastructural market elements to
  enhance more effective usage of land resources and improve adaptive efficiency and flexibility
  of farmland market.
metadata.lang: en_GB
metadata.name: dc.description.sponsorship
metadata.value: The reported study was funded by Russian Foundation for Basic Research, project number 20-110-
  50280.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: ru
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: St Petersburg University Journal of Economic Studies;Volume 37; Issue 4
metadata.lang: -
metadata.name: dc.subject
metadata.value: transaction costs
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: transaction of property rights
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: transactor
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: dual agricultural land market
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: formal institutions
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: informal institutions
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: fixed costs
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: regulated costs
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: forms of ownership
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: minimization of transaction costs
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: The concept of minimization of transaction costs of functioning of the dual market of agricultural lands
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 628-655.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/35463/1/628-655.pdf
resources.format: Adobe PDF
resources.size: 732,21 kB