New institutional economics and methods for measuring the adaptation of Bulgarian agriculture

Abstract

The purpose of the current research is to introduce the New Institutional Economics (NIE) with the focus placed on Bulgarian agriculture. On the one hand, this includes the description of institutional impact on the separate actors, operating within agricultural organizations. On the other hand, attention should be paid to the way in which the transaction costs of different economic agents are measured. Another aspect of great significance for the study is the application of this approach. This means to adjust the specific research frameworks. The article also includes a methodical dimension. Five methods have been presented: (1) a method for evaluation of the impact of institutional change on adaptability; (2) a method for evaluation of institutional alternatives on a micro-level by measuring transaction costs; (3) a method for evaluation of the effects of change in different time periods; (4) a method for evaluation of processes through the number and type of transactions; (5) a method for analysis of the relation between property rights and transactions for assessment of asset specificity. The methods can integrate various types of evaluation of one and the same economic organization (system) in a single analytical framework. [ABSTRACT FROM AUTHOR] Copyright of Trakia Journal of Sciences is the property of Trakiiski Universitet and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)