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Risk in Tuscan Agriculture in the Late 19th and Early 20th Centuries

Author

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  • Francesco Galassi
  • Stephen Pudney

Abstract

We analyse output risk in Italian agriculture over the period 1870- 1914. We use data on a set of 16 tenanted plots grouped into three farms comprising a single large estate. We estimate the degree of risk associated with each separate crop, with the portfolio of crops at the level of the plot, the farm and the estate. We highlight two particular features: the relatively high risk associated with tree crops (wine, oil and nuts); and the substantial scope for the landlord to reduce risk through crop diversification across plots. We discuss the implications of these for tenure contract theory.

Suggested Citation

  • Francesco Galassi & Stephen Pudney, 2000. "Risk in Tuscan Agriculture in the Late 19th and Early 20th Centuries," Discussion Papers in Economics 00/3, Department of Economics, University of Leicester.
  • Handle: RePEc:lec:leecon:00/3
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    File URL: http://www.le.ac.uk/economics/research/RePEc/lec/leecon/econ00-3.pdf
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    Keywords

    Output risk; agriculture; tenure contracts; Tuscany;

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities
    • N53 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - Europe: Pre-1913
    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment

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