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Transactions Costs and the Efficient Organization of Production: A Study of Timber-Harvesting Contracts

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  • Leffler, Keith B
  • Rucker, Randal R
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    Abstract

    A transaction costs framework is developed to explain the choice between lump-sum and per unit payment provisions in private timber-harvesting contracts. Predictions about which contract type minimizes the transaction costs of presale measurement and contract enforcement and monitoring are derived and tested using private timber sales contracts from North Carolina. The empirical results provide strong support for the transaction costs approach and also reject several predictions from a risk-based model. The transaction costs framework also provides insights into the choice between negotiated and competitive sales procedures. Copyright 1991 by University of Chicago Press.

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    Bibliographic Info

    Article provided by University of Chicago Press in its journal Journal of Political Economy.

    Volume (Year): 99 (1991)
    Issue (Month): 5 (October)
    Pages: 1060-87

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    Handle: RePEc:ucp:jpolec:v:99:y:1991:i:5:p:1060-87

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    Web page: http://www.journals.uchicago.edu/JPE/

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    Cited by:
    1. Conlin, Michael & Orsini, Joe & Tang, Meng-Chi, 2013. "The effect of an agent’s expertise on National Football League contract structure," Economics Letters, Elsevier, vol. 121(2), pages 275-281.
    2. Zhang, Y., 2001. "Economics of transaction costs saving forestry," Ecological Economics, Elsevier, vol. 36(2), pages 197-204, February.
    3. Jonathan Yoder & Ishrat Hossain & Francis Eppin & Damona Doye, 2005. "Contract Duration and the Division of Labor in Agricultural Land Leases," Working Papers 2005-6, School of Economic Sciences, Washington State University.
    4. DeVaro, Jed, 2011. "Using "opposing responses" and relative performance to distinguish empirically among alternative models of promotions," MPRA Paper 35175, University Library of Munich, Germany.
    5. Peyton Ferrier, 2009. "Quality improvement through consumer sorting and disposal," Agribusiness, John Wiley & Sons, Ltd., vol. 25(4), pages 534-549.
    6. Caleman, Silvia Morales de Queiroz & Sproesser, Renato Luiz & Lima Filho, Dario de Oliveira & Trdezini, Cicero Antonio de Oliveira, 2006. "Teoria dos Custos de Mensuracao – algumas validacoes empiricas," 44th Congress, July 23-27, 2006, Fortaleza, Ceará, Brazil 142551, Sociedade Brasileira de Economia, Administracao e Sociologia Rural (SOBER).
    7. McCann, Laura & Colby, Bonnie & Easter, K. William & Kasterine, Alexander & Kuperan, K.V., 2005. "Transaction cost measurement for evaluating environmental policies," Ecological Economics, Elsevier, vol. 52(4), pages 527-542, March.

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