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Managerial Strategies of the Cotton South

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  • Saito, Tetsuya
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    Abstract

    Relative efficiencies of antebellum slave farms are suggested by many empirical studies. This paper considers a theoretical aspect of those results using a repeated principal-agent problem. Within its theoretical analysis, with relevance to profitability of slave farms, it will be shown that when inter-temporal punishments are necessary and when they can perform efficiently in production. Applying those theoretical results, some empirical studies on relative profitability and relative efficiencies are discussed. In the empirical study, relative efficiencies of each farm scale—free farms, task farms, and gang farms—are estimated region by region by a stochastic profit frontier model.

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    File URL: http://mpra.ub.uni-muenchen.de/181/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 181.

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    Date of creation: May 2005
    Date of revision: Aug 2006
    Handle: RePEc:pra:mprapa:181

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    Keywords: Relative efficiency of antebellum slave farms; repeated principal-agent problem; profit maximizing contracts; stick and carrot on plantations;

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    1. Jonathan Levin, 2003. "Relational Incentive Contracts," American Economic Review, American Economic Association, vol. 93(3), pages 835-857, June.
    2. Battese, George E. & Coelli, Tim J., 1988. "Prediction of firm-level technical efficiencies with a generalized frontier production function and panel data," Journal of Econometrics, Elsevier, vol. 38(3), pages 387-399, July.
    3. William L. Miller, 1965. "A Note on the Importance of the Interstate Slave Trade of the Ante Bellum South," Journal of Political Economy, University of Chicago Press, vol. 73, pages 181.
    4. Aigner, Dennis & Lovell, C. A. Knox & Schmidt, Peter, 1977. "Formulation and estimation of stochastic frontier production function models," Journal of Econometrics, Elsevier, vol. 6(1), pages 21-37, July.
    5. Field, Elizabeth B, 1988. "The Relative Efficiency of Slavery Revisited: A Translog Production Function Approach," American Economic Review, American Economic Association, vol. 78(3), pages 543-49, June.
    6. Fogel, Robert W & Engerman, Stanley L, 1977. "Explaining the Relative Efficiency of Slave Agriculture in the Antebellum South," American Economic Review, American Economic Association, vol. 67(3), pages 275-96, June.
    7. R. Rees & John Komlos & Ngo V. Long & Ulrich Woitek, 2003. "Optimal food allocation in a slave economy," Journal of Population Economics, Springer, vol. 16(1), pages 21-36, 02.
    8. Fenoaltea, Stefano, 1984. "Slavery and Supervision in Comparative Perspective: A Model," The Journal of Economic History, Cambridge University Press, vol. 44(03), pages 635-668, September.
    9. Fogel, Robert W & Engerman, Stanley L, 1980. "Explaining the Relative Efficiency of Slave Agriculture in the Antebellum South: Reply," American Economic Review, American Economic Association, vol. 70(4), pages 672-90, September.
    10. Radner, Roy, 1985. "Repeated Principal-Agent Games with Discounting," Econometrica, Econometric Society, vol. 53(5), pages 1173-98, September.
    11. M. Machina & E. D. Domar, 1982. "On the Profitability of Russian Serfdom," Working papers 307, Massachusetts Institute of Technology (MIT), Department of Economics.
    12. Bergstrom, T, 1971. "On the Existence and Optimality of Competitive Equilibrium for a Slave Economy," Review of Economic Studies, Wiley Blackwell, vol. 38(113), pages 23-36, January.
    13. David, Paul A. & Temin, Peter, 1974. "Slavery: The Progressive Institution?," The Journal of Economic History, Cambridge University Press, vol. 34(03), pages 739-783, September.
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