An Econometric Model of Farm Tenures in Fifteenth‐Century Florence

S. Pudney, F.L. Galassi and F. Mealli

Economica, 1998, vol. 65, issue 260, 535-556

Abstract: We estimate a discrete‐choice model of farm tenures in fifteenth‐century Florence, using data in the form of an unbalanced panel, with individual farms nested within landlords’ total property holdings. The probabilities of wage, rental and sharecropping tenures are estimated, allowing for landlord‐specific random effects. Specification tests are used to validate the model. Our results emphasize the role of long‐lived fixed assets (vines), vulnerable to damage by short‐term over‐production, as a factor favouring sharecropping (which ‘taxes’ over‐production). However, we find evidence against theories emphasizing high monitoring costs as an influence favouring rental contracts.

Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:bla:econom:v:65:y:1998:i:260:p:535-556

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