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Relational Contracts in Agriculture: Theory and Evidence

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  • Jeffrey D. Michler
  • Steven Y. Wu

Abstract

We appraise the current status of relational contract theory, along with associated empirical studies, with the goal of providing an orientation to the field to economists who may not have expertise in contract theory. We begin with a theoretical discussion focusing mainly on intuition and the usefulness of the theory for conceptualizing applied agricultural contracting problems. We also discuss current theoretical challenges and the current state of empirical research on relational contracts. We conclude by discussing potentially fruitful areas for future research.

Suggested Citation

  • Jeffrey D. Michler & Steven Y. Wu, 2020. "Relational Contracts in Agriculture: Theory and Evidence," Annual Review of Resource Economics, Annual Reviews, vol. 12(1), pages 111-127, October.
  • Handle: RePEc:anr:reseco:v:12:y:2020:p:111-127
    DOI: 10.1146/annurev-resource-101719-034514
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    Cited by:

    1. Wu, Steven Y., 2021. "Determinants of Relational Contract Performance: Experimental Evidence," 2021 Allied Social Sciences Association (ASSA) Annual Meeting (Virtual), January 3-5, 2021, San Diego, California 308455, Agricultural and Applied Economics Association.
    2. Iffat Abbas Abbasi & Hasbullah Ashari & Amin Jan & Ahmad Shabudin Ariffin, 2021. "Contract Farming towards Social Business: A New Paradigm," Sustainability, MDPI, vol. 13(22), pages 1-17, November.
    3. Piano, Ennio Emanuele & Piano, Clara E., 2021. "Bargaining over beauty: The economics of contracts in Renaissance art markets," SocArXiv 9b6c5, Center for Open Science.

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