Incentives, Risk, and Agency Costs in the Choice of Contractual Arrangements in Agriculture
AbstractThe author develops a theory of the choice of contractual arrangements in agriculture by analyzing the incentives, risk-premia, and agency (supervision and shirking) costs under different contracts using the principal-agent framework. The theory is able to explain many tenancy-related issues, such as why sharecropping can be the optimal contract even in the presence of considerable shirking by the tiller, the predominance of sharecropping and of the 50:50 output share, the coexistence of sharecropping with other contracts, and the tenancy ladder. Copyright 2002 by Blackwell Publishing Ltd
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of Development Economics.
Volume (Year): 6 (2002)
Issue (Month): 3 (October)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1363-6669
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- James Andreoni, 2007.
"Social Image and the 50-50 Norm: A Theoretical and Experimental Analysis of Audience Effects,"
122247000000001459, UCLA Department of Economics.
- James Andreoni & B. Douglas Bernheim, 2009. "Social Image and the 50-50 Norm: A Theoretical and Experimental Analysis of Audience Effects," Econometrica, Econometric Society, vol. 77(5), pages 1607-1636, 09.
- James Andreoni & B. Douglas Bernheim, 2007. "Social Image and the 50-50 Norm: A Theoretical and Experimental Analysis of Audience Effects," Discussion Papers 07-030, Stanford Institute for Economic Policy Research.
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