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Competition and Custom in Economic Contracts: A Case Study of Illinois Agriculture.

Abstract:

Survey data suggest that cropsharing contracts exhibit a much higher degree of uniformity than is warranted by economic fundamentals. We propose a dynamic model of contract choice to explain this phenomenon. Landowners and tenants recontract periodically, taking into account expected returns as well as conformity with local practice. The resulting stochastic dynamical system is studied using techniques from statistical mechanics. The most likely states consist of patches where contractual ter...

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Journal:
American Economic Review
Volume:
91
Publication date:
2001-01-01
URN:
uuid:3ec29b12-19c6-4f42-8e73-2dd74e0bbbe3
Local pid:
oai:economics.ouls.ox.ac.uk:10310
Language:
English

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