Effects of Socio-Institutional and Emotional Factors on Japanese Farmland Rental Transactions

Yoji Kunimitsu

Journal of Agricultural and Applied Economics, 2006, vol. 38, issue 1, 33-46

Abstract: Farmland reallocation between farmers through rental transactions is critical for improving Japanese rice productivity. This study examined effects of socio-institutional and emotional factors as well as economic factors on rental transactions. A stochastic choice model was applied to contingent valuation data by considering regional heteroscedasticity. Empirical results showed (1) existence of economic inefficiencies, 3% loss of economic surplus due to socio-institutional restriction, which is probably reflected in transaction costs; (2) a 15% reduction in surplus due to emotional reluctance of farmers; and (3) strong influences of rice price, wages, and geographical location on the rental rate and agreement level.

Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jagaec:v:38:y:2006:i:01:p:33-46_02

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