Structure as well as operation of land market in Less Developed Economies are complex and defy general expectations about the behaviour of market. Our paper on land market is an attempt towards theoretically examining various issues related to the functioning of land market in a tribal economy and empirically identifying it based on a village study in southern Orissa. Critically looking into interim land transaction model of Basu and the ownership uncertainty model of Feder and Feeny we observe that price alone cannot be a sufficient factor to influence the supply of land. We conclude that land market functions mainly form supply side determinants via the intensity of land required by the owner, intensity of fund needed for immediate purpose and aggregate cash outflow.
Dr. Amalendu Jyotishi and Deshpande, R. S., “Land transaction in tribal economies: a study from the scheduled areas of orissa”, 2002.