On the Formation or the Functional Farmland Leasehold Market

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Consideration or transaction cost. mutual trust of market participators. and information of transaction classified leasehold market of farmland into 3 types as following. The first type is "primitive market" which dose not need any legal procedures for farmland lease, but needs mutual trust of market participators. In this market transaction is limited by personal conditions. The second is "leasehold mar-ket within a village community". In this market. leasehold is transacted by rule of village community, and the market size is larger than the former type. The last is "functional leasehold market", in which organized transaction is performed, and administrative system or farmland use is made, so that the transaction cost is lower than the other two types.The formation of "functional leasehold market" may promote rational efficient farmland use.