The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Land Markets

  • Klaus W. Deininger
Reference work entry


While earlier research highlighted the potential market inefficiencies that can result from the particular characteristics of land, recent empirical evidence suggests that these may be small, not always amenable to policy intervention, and outweighed by the contribution of land markets to broader structural transformations, like population movements out of agriculture. High levels of transaction costs pose, however, still considerable obstacles to land market operation, suggesting that measures to reduce them through greater security and formalization of property rights, a streamlined regulatory framework, and ready availability of information may significantly improve functioning of, and enhance benefits from, land markets.


Access to land Agricultural economics Banking crises Fixed-rent contracts Land markets Land reform Land registries Land tax Land use rights Land use regulation Property rights Rent control Repeated games Sharecropping Structural change 

JEL Classifications

Q15 R14 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Klaus W. Deininger
    • 1
  1. 1.