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WHERE IS THE WALRASIAN AUCTIONEER FOR AGRICULTURAL MARKETS? AN EXAMINATION OF THE MARKETING INSTITUTION
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Abstract
In the classical development of economic equilibrium and efficiency, transaction costs are seldom considered. This study develops a micro- market model of an agricultural market based on quality differences. The study then develops a model of market structure based on the New Theory of the Firm. Using the two models, we draw conclusions about economic potential for E-Commerce.Marketing,