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A Dynamic Option Value for Institutional Change: Marketable Property Rights in the Sahel

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  • Frederic J. Zimmerman
  • Michael R. Carter

Abstract

In this article we use dynamic programming methods to create an option value measure of the value of the institutional innovation of marketable property rights. This measure has two properties that are important to understanding institutional change: it is truly dynamic and it allows for agent heterogeneity. In the case of West Africa, we find that the collapse of customary risk management institutions is a vital part of the demand for marketability rights as agents struggle to smooth income and consumption in its wake. We find that the social efficiency implications of this demand for institutional innovation are ambiguous. Copyright 1999, Oxford University Press.

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  • Frederic J. Zimmerman & Michael R. Carter, 1999. "A Dynamic Option Value for Institutional Change: Marketable Property Rights in the Sahel," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(2), pages 467-478.
    • Handle: RePEc:oup:ajagec:v:81:y:1999:i:2:p:467-478
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    File URL: http://hdl.handle.net/10.2307/1244595
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    Cited by:

    1. Deininger, Klaus & Chamorro, Juan Sebastian, 2004. "Investment and equity effects of land regularisation: the case of Nicaragua," Agricultural Economics, Blackwell, vol. 30(2), pages 101-116, March.
    2. Lindsay, Amanda R. & Sanchirico, James N. & Taylor, J. Edward, 2017. "Evaluating local impacts of marine-based economic stimulus policies amid market imperfections in rural Indonesia," 2017 Annual Meeting, July 30-August 1, Chicago, Illinois 258444, Agricultural and Applied Economics Association.
    3. Gwendoline Promsopha, 2016. "Temporary transfers of land and risk-coping mechanisms in Thailand," Working Papers hal-01409110, HAL.
    4. Songqing Jin & T. S. Jayne, 2013. "Land Rental Markets in Kenya: Implications for Efficiency, Equity, Household Income, and Poverty," Land Economics, University of Wisconsin Press, vol. 89(2), pages 246-271.
    5. Kvartiuk, Vasyl & Petrick, Martin, 2021. "Liberal land reform in Kazakhstan? The effect on land rental and credit markets," World Development, Elsevier, vol. 138(C).
    6. Zimmerman, Frederick J. & Carter, Michael R., 2003. "Asset smoothing, consumption smoothing and the reproduction of inequality under risk and subsistence constraints," Journal of Development Economics, Elsevier, vol. 71(2), pages 233-260, August.
    7. Klaus Deininger & Songqing Jin, 2008. "Land Sales and Rental Markets in Transition: Evidence from Rural Vietnam," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 70(1), pages 67-101, February.
    8. Deininger, Klaus & Jin, Songqing & Nagarajan, Hari K., 2009. "Determinants and Consequences of Land Sales Market Participation: Panel Evidence from India," World Development, Elsevier, vol. 37(2), pages 410-421, February.
    9. Gwendoline Promsopha, 2018. "Risk†Coping, Land Tenure And Land Markets: An Overview Of The Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 32(1), pages 176-193, February.
    10. Estelle Koussoubé, 2014. "What Drives Land Sales and Rentals in Rural Africa: Evidence from Western Burkina Faso," Working Papers DT/2014/10, DIAL (Développement, Institutions et Mondialisation).
    11. Krishna, Vijesh V. & Kubitza, Christoph & Pascual, Unai & Qaim, Matin, 2017. "Land markets, Property rights, and Deforestation: Insights from Indonesia," World Development, Elsevier, vol. 99(C), pages 335-349.
    12. Ghebru, H. & Holden, S., 2018. "Land Access, Land Rental Markets and Rural Poverty Dynamics in Northern Ethiopian Highlands: Panel Data evidence using Survival Models," 2018 Conference, July 28-August 2, 2018, Vancouver, British Columbia 277440, International Association of Agricultural Economists.
    13. Rizov, Marian & Gavrilescu, Dinu & Gow, Hamish & Mathijs, Erik & Swinnen, Johan F. M., 2001. "Transition and Enterprise Restructuring: The Development of Individual Farming in Romania," World Development, Elsevier, vol. 29(7), pages 1257-1274, July.

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