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Producer Protection Legislation and Termination Damages in the Presence of Contracting Frictions

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  • Wu, Steven Y.

    ()
    (Purdue University)

Abstract

This study models producer protection legislation that would grant growers the right to claim damages (PPLD) if their contracts are prematurely terminated. In the absence of contracting frictions that prevent contractors from redesigning contracts to accommodate exogenous policy changes, PPLD would not be distortionary or redistributive. If contracting frictions exist, then PPLD would have efficiency and redistributive effects, though the direction and magnitude depends on the size of PPL damages vis-à-vis expected damages under existing contract law. This study clarifies the conditions under which PPLD would decrease efficiency and protect growers.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 4373.

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Length: 38 pages
Date of creation: Aug 2009
Date of revision:
Publication status: published in: American Journal of Agricultural Economics, 2010, 91 (1), 28 - 41
Handle: RePEc:iza:izadps:dp4373

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Related research

Keywords: producer protection legislation; moral hazard; agricultural policy; contracts; contract law;

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Cited by:
  1. Wu, Steven Y., 2013. "Adapting Contract Theory to Fit Contract Farming," 2014 Allied Social Science Association (ASSA) Annual Meeting, January 3-5, 2014, Philadelphia, PA, Agricultural and Applied Economics Association 161894, Agricultural and Applied Economics Association.

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