EBOOK / PDF [The Nature of the Farm: Contracts, Risk, and Organization in Agriculture]

The Nature of the Farm: Contracts, Risk, and Organization in AgricultureThe Nature of the Farm is a theoretical and empirical study of contracts and organization in agriculture on the transaction cost Transaction costs are important in agriculture because nature for framework Transaction costs are important in agriculture because nature for seasonality weather ests lays such a critical role in determining output and limiting the ability of farmers to specialize The book develops specific models and tests the implications of those models against data sets from across North America. N agriculture as well as against historical case studies such as eighteenth century European land contracts and the late nineteenth century Bonanza farms in the United StatesThe book is organized in three arts Part I examines the classic uestion of what determines the optimal choice between FIXED RENT AND CROPSHARE CONCLUDING rent and cropshare arrangements concluding it is determined by a trade off between incentives overuse rented land and incentives to underreport shared output. Part II tests several redictions derived from a standard risk sharing model of contracts and finds little evidence risk sharing is a standard risk sharing of contracts and finds little evidence that risk sharing is in contract choice Part III extends the transaction costs analysis to broader organizational issues It introduces seasonality and timeliness costs as forces influencing the gains from specialization and the costs of contracting and finds that farm ownership and farm organization are routinely shaped by these forces. ,

Leave a Reply

Your email address will not be published. Required fields are marked *