Land deals in Africa: pioneers and speculators
Much African land currently has low productivity and has attracted investors purchasing (or leasing) land as a speculative option on higher future prices or productivity. If land deals are to be beneficial they need to induce productivity enhancing investments. Some of these will be publicly provided (infrastructure, agronomic knowledge), and some can only be provided by ‘pioneer’ investors who discover what works and who create demonstration effects. Such pioneers can be rewarded (incentive compatibly) for the positive externalities they create by being granted options on large areas of land. However, pioneers must be separated from speculators by screening and by requirements to work a fraction of the land.
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- Avinash Dixit, 1992. "Investment and Hysteresis," Journal of Economic Perspectives, American Economic Association, vol. 6(1), pages 107-132, Winter.
- Grenadier, Steven R., 1995. "Valuing lease contracts A real-options approach," Journal of Financial Economics, Elsevier, vol. 38(3), pages 297-331, July.
- Besley, Timothy, 1995. "Property Rights and Investment Incentives: Theory and Evidence from Ghana," Journal of Political Economy, University of Chicago Press, vol. 103(5), pages 903-937, October.
- Avinash K. Dixit & Robert S. Pindyck, 1994. "Investment under Uncertainty," Economics Books, Princeton University Press, edition 1, number 5474.
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