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The Insight and the Legacy of the Theory of Share Tenancy

Author

Listed:
  • Allen Douglas W.

    (Simon Fraser University, Burnaby, Canada)

  • Lueck Dean

    (Indiana University, Bloomington, IN 47405, USA)

Abstract

The Theory of Share Tenancy by Steven Cheung, first published as a PhD thesis 50 years ago, was an important watershed study on the economics of contracts. It contained the first formal demonstration of the Coase Theorem, linked the concepts of property rights and transaction costs, laid early foundations for the future economics of contracts, and can even lay claim to originating the idea of a risk/incentive tradeoff in contract design. This essay examines Cheung's key contributions in Share Tenancy, and considers reasons for its somewhat limited legacy outside of China.

Suggested Citation

  • Allen Douglas W. & Lueck Dean, 2018. "The Insight and the Legacy of the Theory of Share Tenancy," Man and the Economy, De Gruyter, vol. 5(1), pages 1-12, June.
    • Handle: RePEc:bpj:maneco:v:5:y:2018:i:1:p:12:n:6
    DOI: 10.1515/me-2018-0005
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    References listed on IDEAS

    as
    1. Joseph E. Stiglitz, 1974. "Incentives and Risk Sharing in Sharecropping," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 41(2), pages 219-255.
    2. Ronald H. Coase, 2008. "The Institutional Structure of Production," Springer Books, in: Claude Ménard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, chapter 2, pages 31-39, Springer.
    3. Douglas W. Allen & Dean Lueck, 2009. "Customs and Incentives in Contracts," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(4), pages 880-894.
    4. Cheung Steven N.S., 2016. "Steven N.S. Cheung’s Reminiscence of Himself – A Reply to Ning Wang," Man and the Economy, De Gruyter, vol. 3(1), pages 1-21, June.
    5. D. Gale Johnson, 1950. "Resource Allocation under Share Contracts," Journal of Political Economy, University of Chicago Press, vol. 58, pages 111-111.
    6. Demsetz, Harold, 1969. "Information and Efficiency: Another Viewpoint," Journal of Law and Economics, University of Chicago Press, vol. 12(1), pages 1-22, April.
    7. Ronald H. Coase, 2000. "The new institutional economics," Chapters, in: Claude Ménard (ed.), Institutions, Contracts and Organizations, chapter 1, Edward Elgar Publishing.
    8. Gary D. Libecap & Dean Lueck, 2011. "The Demarcation of Land and the Role of Coordinating Property Institutions," Journal of Political Economy, University of Chicago Press, vol. 119(3), pages 426-467.
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    11. H. Peyton Young & Mary A. Burke, 2001. "Competition and Custom in Economic Contracts: A Case Study of Illinois Agriculture," American Economic Review, American Economic Association, vol. 91(3), pages 559-573, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    transaction costs; property rights; coase theorem;
    All these keywords.

    JEL classification:

    • K0 - Law and Economics - - General
    • L0 - Industrial Organization - - General
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • D0 - Microeconomics - - General
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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