Since the seminal work of Adam Smith, markets have been considered an efficienttool for co-ordinating the behaviour of economic agents. The basic characteristicof a market economy is that the complex system of interaction amongindividuals is not centrally coordinated. Under the assumption of...

This paper analyzes efficiency and total factor productivity (TFP) change of large agriculturalenterprises during their transition to a market economy in Ukraine. In this case the efficiencyis calculated by data envelopment analysis and the productivity change is measured by theMalmquist...

This paper focuses on agro- food chains and agro- food consumer prices in Sloveniaconsidering its European Union (EU) membership. As the Slovenian agro- food markets weredistorted prior to the EU accession with some agro- food prices that were greater than comparableEU prices, the empirical...

On the verge of EU accession, Poland’s agricultural sector is characterised by anumber of distinct structural weaknesses, which are a major reason for the unsatisfactoryincome situation of rural households. Among these weaknesses are thatfarm productivity is substantially below EU standards,...

We propose a three-step procedure toestimate a regime-dependent vector error correctionmodel (VECM). In this model, not only the short-runadjustment process towards equilibrium is non-linear,as in threshold VECM and Markov switching VECMframeworks, but the long-run equilibrium relationshipitself...