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Exploring long-term land improvements under land tenure insecurity

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  • Myyra, Sami
  • Pietola, Kyosti

Abstract

This article explores long-term land improvement (lime application) under land tenure insecurity on leased land. The dynamic optimisation problem is solved by a stochastic dynamic programming routine with known parameters for one-period returns and transition equations. The model parameters represent Finnish soil quality and production conditions. The farmer's decision rules are solved for alternative likelihood scenarios over the continuation of the fixed term lease contract. The results suggest that, as the probability for non-renewal of the lease contract increases, farmers quickly decrease investments in irreversible land improvement and, thereafter, yields decline gradually. The estimated decision rules are a part of larger set of farmer's decision rules to be taken care when land leasing and environmental legislation is renewed.

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File URL: http://purl.umn.edu/31954
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Bibliographic Info

Paper provided by New Zealand Agricultural and Resource Economics Society in its series 2006 Conference, August 24-25, 2006, Nelson, New Zealand with number 31954.

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Date of creation: 2006
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Handle: RePEc:ags:nzar06:31954

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Web page: http://www.nzares.org.nz/
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Related research

Keywords: Dynamic programming; land tenure; land improvements; Land Economics/Use;

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  1. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
  2. Holden, Stein & Yohannes, Hailu, 2001. "Land redistribution, tenure insecurity, and intensity of production: a study of farm households in southern Ethiopia," CAPRi working papers 21, International Food Policy Research Institute (IFPRI).
  3. Sjaastad, Espen & Bromley, Daniel W., 1997. "Indigenous land rights in sub-Saharan Africa: Appropriation, security and investment demand," World Development, Elsevier, vol. 25(4), pages 549-562, January.
  4. Li, Guo & Rozelle, Scott & Brandt, Loren, 1998. "Tenure, land rights, and farmer investment incentives in China," Agricultural Economics, Blackwell, vol. 19(1-2), pages 63-71, September.
  5. Abhijit Banerjee & Lakshmi Iyer, 2010. "History Institutions and Economic Performance: The Legacy of Colonial Land Tenure Systems in India," Working Papers id:2811, eSocialSciences.
  6. Sami Myyrä & Elise Ketoja & Markku Yli-Halla & Kyöisti Pietola, 2005. "Land Improvements under Land Tenure Insecurity: The Case of pH and Phosphate in Finland," Land Economics, University of Wisconsin Press, vol. 81(4).
  7. Richard Bellman, 1957. "On a Dynamic Programming Approach to the Caterer Problem--I," Management Science, INFORMS, vol. 3(3), pages 270-278, April.
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Cited by:
  1. Satish Chand & Charles Yala, 2008. "Land tenure and productivity: Farm level evidence from Papua New Guinea," International and Development Economics Working Papers idec08-02, International and Development Economics.
  2. Iho, Antti & Laukkanen, Marita, 2009. "Dynamically Optimal Phosphorus Management and Agricultural Water Protection," Discussion Papers 54285, MTT Agrifood Research Finland.
  3. Pietola, Kyosti & Myyra, Sami & Niemi, Jarkko K. & Van Asseldonk, Marcel A.P.M., 2011. "Insure or Invest in Green Technologies to Protect Against Adverse Weather Events?," Discussion Papers 100738, MTT Agrifood Research Finland.
  4. Myyrä, Sami, & Pietola, Kyosti & Heikkilä, Anna-Maija, 2011. "Farm Level Capital: Capital positions, structures, the dynamics of farm level investments, capital accumulation and leverage positions," Factor Markets Working Papers 105, Centre for European Policy Studies.

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