angements.

Forgenerationseconomistsandlandtenurewritershavesoughttorankther,thechofresostatement.

InthischapterIhaveasked:Whyaredifferentcontractualarrangementschosenunderthesamesystemofprivatepropertyrights?vedcontractualbehavtheory:theproblemsinthetheoryofchoiceinvolvingtransactioncostsandrisksarestillformidable.

Althoughthepresenceoftransactioncostsorrisksmayresultindifferentintensitiesofresourceuse,aswasnotedearlierinthischapter,availabledatadonotrevealnotabledifferencesinfarmingintensitiesforvariousleasingarrangementsunderprivatepropertyrights.[1]ltivation,wagecontracts,fixedrents,,economictheoryimpliesatendencytowardthesame,transactioncostswouldhavetobesohighastoyield,forexample,thechoiceofacontract,however,havenotbeenimportantinAsianagricultureandcan,therefore,,theeffectsoftransactioncostsandrisksarerevealedmainlyintheobservedchoiceofcontractualarrangementsand,lessnotably,theriskpremiumsdistributedamongthecontractingparties.

AmongsomerelatedproblemsthatIhaveexplicitlyavoided,,withrespecttoriskaversion,amoregeneralanalysiswouldincludeallriskychoices,www.youxs.org.

,:Whatwillhappentothechoiceofcontractsifthegovernmentchangesitsenforcementefforts?TowhatextentwilltheseeffortsbeconsistentwiththeParetocondition?Whatsetoflegalinstitutionsisconsistentwiththeoperationofthemarketplace?Withthesequestionsunanswered,th

Inproduction,costminimizationrequiresnotonlythefulfillmentofthefamiliarsetofmarginalequalities,,onerelevantconsiderationisthecostofalternativecontractualarrangements,,asacostconstraint,efficiencywillbeattainedwhen,otherthingsequal,,thevaryingeffectivenessoflawenforcement,orthevaryingcorruptibilityofcourts,,utions,theParetoconditionwithtransactioncostsisambiguous.

Ihavealsonotexploredthecon,orvariousmethodsofattenuatingtherightofaresourceownertoobtaininefromhisresource,,namely,thelegallimitationonthelandownersrentalinetoamaximumpercentageoftheannualyield.

[1].Oneexceptionisthatwefindthathousingassetsintenantfarmsweregenerallyoflowervaluethaninownerfarms（NationalGovernment,StatisticalAnalysis,www.youxs.org）.Itmaybebecausehousingisalsoaconsumptionitemandtenantsweretypicallypoorer.

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