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Contract Choice in Modern Agriculture: Cash Rent versus Cropshare
E CONOMISTS have expended enormous effort examining the rationale for various contractual arrangements in agriculture, particularly sharecropping. While economists have made considerable theoreticalExpand
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The Nature of the Farm: Contracts, Risk, and Organization in Agriculture
The Nature of the Farm is a theoretical and empirical study of contracts and organization in agriculture based on the transaction cost framework. Transaction costs are important in agricultureExpand
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Land Tenure and Agricultural Productivity on Indian Reservations
A GRICULTURAL success stories are the exception on Indian reservations, where potentially productive land often sits idle, growing weeds and eroding. Despite abundant natural resources, includingExpand
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The Rule of First Possession and the Design of the Law
  • D. Lueck
  • Economics
  • The Journal of Law and Economics
  • 1 October 1995
Economists have shown that first possession might cause rent dissipation from racing or overexploitation. In this study, I develop models that show how dissipation can be avoided and use the derivedExpand
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Risk Preferences and the Economics of Contracts
"[T]he literature of risk aversion and risk preference [is] one of the richest sources of ad hoc assumptions concerning tastes. ... [N]o significant behavior has been illuminated by assumptions ofExpand
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The Role of Risk in Contract Choice
Structuring contracts to share risk in light of incentive problems is the central premise of contract theory, yet the risk-sharing implications have rarely been thoroughly tested using micro-levelExpand
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Transaction Costs and the Design of Cropshare Contracts
Modern cropshare contracts are explained using a model in which agents are risk neutral and contract rules are chosen to maximize expected joint wealth. It is shown that the farmer either bears theExpand
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The "Back Forty" on a Handshake: Specific Assets, Reputation, and the Structure of Farmland Contracts
Many exchanges are governed by rather complicated contracts that explicitly denote dates, individuals, locations, prices, products, qualities, quantities, and contingencies for changing conditions.Expand
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The gains from self-ownership and the expansion of women's rights
At the time of the American Revolution under the common law doctrine of coverture, women were essentially the property of men, either their fathers' or husbands'. They could not vote, and with fewExpand
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Preemptive Habitat Destruction under the Endangered Species Act*
This paper examines the extent to which landowners have preemptively destroyed habitat for the endangered red‐cockaded woodpeckers (RCWs) in the forests of North Carolina in order to avoid potentialExpand
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