Agricultural Contracts

Douglas W. Allen and Dean Lueck
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Douglas W. Allen: Simon Fraser University
Dean Lueck: The University of Arizona

Chapter 18 in Handbook of New Institutional Economics, 2008, pp 465-490 from Springer

Abstract: It is somewhat surprising that academic economists are interested in agricultural contracts given their otherwise urban affiliations. No doubt this interest arises because farming has historically been the fundamental economic enterprise of mankind. Its omnipresent place in our culture makes it a familiar context to couch otherwise abstract theoretical models. Thus we find casual reference to landowners and tenant farmers in economic theory (e.g., Sappington 1991) and, indeed, the modern theory of contracts developed in this context. There is also a seemingly disproportionate amount of attention paid to agricultural contracts in literatures dealing with economic institutions. Again, this partly stems from agriculture having always been with us. Adam Smith could hardly have written about restaurant franchise contracts, but he, John Stuart Mill, and other classical economists concerned themselves with the contracting and organization of farming.

Keywords: Transaction Cost; Moral Hazard; Labor Contract; Wage Contract; Input Sharing (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1007/978-3-540-69305-5_19

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