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Hired hooves: Transactions in a south Indian village factor market

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  • Mueller, Rolf A.E.
  • Prescott, Edward S.
  • Sumner, Daniel A.

Abstract

Bullocks are an important resource in Indian agriculture where they are used as draft animals. Previous research suggests that farmers who do not own bullocks, or own bullocks in insufficient numbers relative to their land holdings, adjust bullock‐land ratios through transactions in the land market, rather than by hiring bullock services. The reasons given for this behaviour are that there are ‘inhibited’ or ‘missing’ village markets for bullock services. Results from a survey of the activities and transactions of six bullock contractors during an entire cropping period show that village markets for bullock services exist continuously and are far from being inhibited. Close monitoring of the bullock contractors’ transactions supplied rich evidence of the manifold contractual arrangements used in this village market for bullock services.

Suggested Citation

  • Mueller, Rolf A.E. & Prescott, Edward S. & Sumner, Daniel A., 2002. "Hired hooves: Transactions in a south Indian village factor market," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 46(2), pages 1-23.
    • Handle: RePEc:ags:aareaj:118997
    DOI: 10.22004/ag.econ.118997
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    References listed on IDEAS

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    1. Rosenzweig, Mark R & Wolpin, Kenneth I, 1993. "Credit Market Constraints, Consumption Smoothing, and the Accumulation of Durable Production Assets in Low-Income Countries: Investment in Bullocks in India," Journal of Political Economy, University of Chicago Press, vol. 101(2), pages 223-244, April.
    2. Hicks, J. R., 1969. "A Theory of Economic History," OUP Catalogue, Oxford University Press, number 9780198811633, Decembrie.
    3. D. Gale Johnson, 1950. "Resource Allocation under Share Contracts," Journal of Political Economy, University of Chicago Press, vol. 58(2), pages 111-111.
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    Cited by:

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    2. Weerachart T. Kilenthong & Gabriel A. Madeira, 2017. "Observability and endogenous organizations," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 63(3), pages 587-619, March.
    3. Madeira, Gabriel A. & Townsend, Robert M., 2008. "Endogenous groups and dynamic selection in mechanism design," Journal of Economic Theory, Elsevier, vol. 142(1), pages 259-293, September.
    4. Weerachart Kilenthong, 2015. "Observability and Endogenous Organizations," PIER Discussion Papers 13, Puey Ungphakorn Institute for Economic Research.

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