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


  • Galassi, F.L.
  • Pudney, S.


We analyze 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.

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  • Galassi, F.L. & Pudney, S., 1999. "Output Risk in Tuscan Agriculture in the Late 19th and Early 20th Centuries," The Warwick Economics Research Paper Series (TWERPS) 552, University of Warwick, Department of Economics.
  • Handle: RePEc:wrk:warwec:552

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    References listed on IDEAS

    1. Francesco L. Galassi & Jon S. Cohen, 1994. "The economics of tenancy in early twentieth-century southern Italy," Economic History Review, Economic History Society, vol. 47(3), pages 585-600, August.
    2. Zamagni, Vera, 1997. "The Economic History of Italy 1860-1990," OUP Catalogue, Oxford University Press, number 9780198292890.
    3. Giovanni Federico, 1996. "Italy, 1860-1940: a little-known success story," Economic History Review, Economic History Society, vol. 49(4), pages 764-786, November.
    4. Luporini, Annalisa & Parigi, Bruno, 1996. "Multi-Task Sharecropping Contracts: The Italian Mezzadria," Economica, London School of Economics and Political Science, vol. 63(251), pages 445-457, August.
    5. Pudney, Stephen, 1993. "Income and Wealth Inequality and the Life Cycle: A Non-parametric Analysis for China," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 8(3), pages 249-276, July-Sept.
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    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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