G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3173
DP3173 Stock Market Quality in the Prescence of a Traded Option
Kees Koedijk; Cyriel de Jong; Charles Schnitzlein
发表日期2002-01-04
出版年2002
语种英语
摘要The distribution of property rights has a strong impact on output when, due to the non-contractibility of some inputs, market contracts do not yield efficient outcomes. In this Paper I analyse how the distribution of land rights affects the choice of both contractible techniques ? such as crop mix or irrigation ? and non-contractible effort when these are complements in production. I present evidence from rural Nicaragua suggesting that farmers are more likely to grow effort-intensive/highly profitable crops on the plots they own rather than on the plots they rent. I consider two theoretical arguments that illustrate why property rights might matter. The first relies on the fact that the agent who chooses effort is subject to a limited liability constraint, the second that the owner cannot commit to output-contingent contracts. In both models the choice of technique might be inefficient, regardless of the distribution of property rights. The efficiency loss is, however, lower when the farmer owns the land. Further empirical investigation shows that, in this context, the inability to commit seems to be the main source of inefficiency.
主题Public Economics
关键词Agricultural productivity Asymmetric information Crop choices
URLhttps://cepr.org/publications/dp3173
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/532175
推荐引用方式
GB/T 7714
Kees Koedijk,Cyriel de Jong,Charles Schnitzlein. DP3173 Stock Market Quality in the Prescence of a Traded Option. 2002.
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