Risk, Transaction Costs, and Geographic Distribution of Share Tenancy: A Case of Pre-War Japan
AbstractThis paper investigates determinants of geographic distribution of share tenancy and analyzes its efficiency implications in pre-war Iwate prefecture, Japan. The distribution of share tenancy was attributable to risk represented by yield variability, which in turn was affected by seasonal winds called Yamase and topographic features. That risk raised transaction costs of adopting a fixed-rent tenancy associated with the common custom of rent reduction in Japan that mitigated the problem of risksharing. Estimation results suggest that risk, wealth, and strength of community ties were the main determinants of contract choice.
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Bibliographic InfoPaper provided by Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo in its series CARF F-Series with number CARF-F-024.
Length: 37 pages
Date of creation: Mar 2005
Date of revision:
Other versions of this item:
- Yutaka Arimoto & Tetsuji Okazaki & Masaki Nakabayashi, 2005. "Risk, Transaction Costs, and Geographic Distribution of Share Tenancy: A Case of Pre-War Japan," CIRJE F-Series CIRJE-F-322, CIRJE, Faculty of Economics, University of Tokyo.
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- Tek-Ann Chew, 1998. "Transactional framework of sharecropping: empirical evidence," Agricultural Economics, Blackwell, vol. 18(1), pages 47-52, January.
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