“…One of them is transaction costs economics. After Coase (1937) proposed that firms exist because such units save transaction costs as compared to mere market transactions, many scholars used transaction cost arguments to explain and predict organisational choices (Jablonowski and Kleit, 2011; Vega and Keenan, 2013; Bigelow et al ., 2019). This applies also to agriculture, where transaction costs economists have repeatedly justified the existence of farms (Hobbs, 1997; Brem, 2002; Miljkovic, 2005; Demir, 2016).…”