(Iowa,1949)”nosignificantdifferencesbetweenshareandcashleases”(www.youxs.org),however,refusedtoaccepttheconflictbetweentheirtheoryandfindings,andresortedtootherfactorswhich”mightaccountforthislackofdifference”(www.youxs.org).Withthetaxapproach,theyhadconcludedthat,intheory,www.youxs.org,”RelationshipofCropShareandCashLeasingSystemstoFarmingEfficiency,”ResearchBulletin386(IowaStateCollegeAgriculturalExperimentStation,May,1952),www.youxs.org.
[16].Buck,ChineseFarmEconomy,www.youxs.org.
[17].SeealsoLegislativeYuan,StatisticalMonthly(1930),2,5.
[18].,seechapters7and8.
[19].orgputedfromdatainSino-AmericanJointCommissiononRuralRe-construction”JCRRAnnualReportsonLandReformintheRepublicofChina,”mimeographed(1965),www.youxs.org.
[20].Onlyasmallamountofnumericaldatahasbeenprovided,andexamplesoflandownersholdingoveronethousandleasesar,”VietnameseLandTransferProgram,”LandEconomics(May,1957),”beforethelandtransferprograminVietnam,2,170persons……havedeclaredtotalholdingsamountingto976,602hectares.”Giventhat”theaveragetenantholdingisapproximately2hectaresorperhapsslightlymore,”theaveragenumberofleasesforeachoftheselandownerswasovertwohundred.
www.youxs.org
Theanalysisthusfarhasbeenprimarilybasedontheconditionthattransactioncosts,andinparticularthecostsofcontractualnegotiationandenforcement,,subjecttotheconstraintofprivatepropertyrights,,nstraintofpetitionposesthequestion:Whyaredifferentcontractualarrangementschosenunderthesamesystemofprivatepropertyrights?Thepurposeofthischapteristoadvance,inaratherinformalmanner,achoice-theoreticapproachbasedonnonzerotransactioncostandr
Ifafirmcanincreaseefficiencyinproductionbyemployingproductiveresourcesofmorethanoneresourceowner,tsinoneformoranother,suchasleasing,hiring,ormortgaging.[1]Thesetransfers,andtheassociatedcoordinationofinputsofvariousfactorsinproduction,arecostlyevents.[2]Therearecostsofnegotiatingandofenforcingthestipulationsofthecontract.
Giventhestateofpersonalwealthdistributionandtheportfoliosofassetsheldasprivatepropertybyresourceowners,someownerswillseekcontractualarrangementswithothersinbiningresourcesforproduction.[3],definedhereasthecontributionbynatureorthestateoftheworldtothevariance(orstandarddeviation)oftheproductvalue.[4]Givenanonzerovariancefortheexpectedoutputyield(thetotalineforthecontractingparties),differentcontractualarrangementsallo,anindividualwillseekt(whichmaynotbeattainableevenatinfinitelyhighcost),bychoosinglessriskyoptionswheninvesting(whichoptionsincludeportfoliodiversification),orbychoosingamongarrangementswithwhichhisburdenofriskcanbedispersedtootputdiffer,becauseinstitutionalarrangementsdiffer,andbecausedifferentsetsofstipulationsrequirevaryingeffortsinenforcementandnegotiation.[5]
Letmeadvancethefollowinghypothesis:thechoiceofcontractualarrangementismadesoastomaximizeth