Risk, Transaction Costs, and Geographic Distribution of Share Tenancy: A Case of Pre-War Japan
Tetsuji Okazaki and
Masaki Nakabayashi ()
Additional contact information
Tetsuji Okazaki: Faculty of Economics, University of Tokyo
No CARF-F-024, CARF F-Series from Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo
This paper investigates determinants of geographic distribution of share tenancy and analyzes its efficiency implications in pre-war Iwate prefecture, Japan. The distribution of share tenancy was attributable to risk represented by yield variability, which in turn was affected by seasonal winds called Yamase and topographic features. That risk raised transaction costs of adopting a fixed-rent tenancy associated with the common custom of rent reduction in Japan that mitigated the problem of risksharing. Estimation results suggest that risk, wealth, and strength of community ties were the main determinants of contract choice.
Pages: 37 pages
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Working Paper: Risk, Transaction Costs, and Geographic Distribution of Share Tenancy: A Case of Pre-War Japan (2005)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:cfi:fseres:cf024
Access Statistics for this paper
More papers in CARF F-Series from Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo Contact information at EDIRC.
Bibliographic data for series maintained by ().