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(PDF DOWNLOAD) [The Nature of the Farm: Contracts, Risk, and Organization in Agriculture] AUTHOR Douglas W. Allen

N agriculture as well as Against Historical Case SUCH historical case studies SUCH EIGHTEENTH CENTURY EUROPEAN LAND CONTRACTS AND THE as eighteenth century European land and the nineteenth century Bonanza farms in the United StatesThe book is organized in three parts Part I examines the classic uestion of what determines the optimal choice between fixed rent and cropshare arrangements concluding that it is determined by a trade off between incentives to overuse rented land and incentives to underreport shared output. ,


The Nature of the Farm: Contracts, Risk, and Organization in AgriculturePart II tests several predictions derived from a standard risk sharing model of contracts and finds little evidence that risk sharing is important in contract Choice Part III Extends Part III extends transaction costs analysis to broader organizational issues It introduces seasonality and timeliness costs as forces influencing the gains "transaction costs analysis to broader organizational issues It introduces seasonality and timeliness costs as forces influencing the gains seasonality and timeliness costs as forces influencing the gains specialization and the costs of contracting and finds that farm ownership and farm organization are routinely shaped by these forces. .
The Nature of the Farm is a theoretical and empirical study of Contracts And Organization In and organization in based on the transaction cost framework Transaction costs are important in agriculture because nature for example seasonality weather pests plays such a critical Role In Determining Output And Limiting The Ability Of Farmers determining output and limiting the ability of farmers specialize The book develops specific models and tests the implications of models against data sets from across North America.

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