The paper develops a theoretical framework of socioeconomic organisation to enrich understanding of the complex interrelation between economy and institutional environment. To achieve this, key elements from both new and old institutional economics are combined and integrated under the...

Over the last years the issue of property market efficiency has attracted increasing attention in both academic and professional research. Yet, the concept of property market efficiency is poorly developed and inadequately theorised. The conventional approaches (i.e. 'allocative efficiency' and...