Share Contract Revisited: A New Transaction Cost Approach
Ding Jian () and
Zhou Yixiao ()
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Ding Jian: Institute of Advanced Science Facilities, Shenzhen, China
Zhou Yixiao: Crawford School of Public Policy, Australian National University, Canberra, Australia
Man and the Economy, 2021, vol. 8, issue 1, 79-97
The purpose of this paper is to explore how sharecropping contracts are chosen over fixed-rent contracts. There are two concerning issues. First, theoretical explanation has been criticized for not providing a satisfactory answer to the question as to why share contracts are chosen. Second, among the existing empirical studies, there are great controversies about the impact of variance of output. Inspired by the latest insights from (Cheung, S. N. S. 2014. Economic Explanation. Hong Kong: Arcadia Press.), this paper not only provides an explanation for the choice of share contract that is suitable for empirical testing, but also solves the puzzle over variance of output.
Keywords: choice of contract; sharecropping; transaction cost; new institutional economics (search for similar items in EconPapers)
JEL-codes: B5 D8 L2 (search for similar items in EconPapers)
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