The Farm Lease: An Analysis of Owner-Tenant and Landlord Preferences under Risk

Jeffrey Apland, Robert N. Barnes and Fred Justus

American Journal of Agricultural Economics, 1984, vol. 66, issue 3, 376-384

Abstract: A variety of farm lease terms are examined with respect to the preferences of an owner-tenant and landlord under risk. The owner-tenant's optimal crop mix is examined for six common leasing arrangements. A variant of the MOTAD model is used to derive the optimal crop mix for a risk-neutral and risk-averse owner-tenant. For two share leases, the trade-offs between the owner-tenant's and landlord's preferences are examined with each agent given neutral and averse risk postures. Results suggest the importance of mixed tenancy and risk in the selection of lease terms for farm land.

Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:66:y:1984:i:3:p:376-384.

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