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The nature of the farm : contracts, risk, and organization in agriculture

Author: Douglas W Allen; Dean Lueck
Publisher: Cambridge, Mass. : MIT Press, ©2002.
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
"The Nature of the Farm is a theoretical and empirical study on contracts and organization in agriculture based on the transaction cost framework. Transaction costs are important in agriculture because nature (for example, seasonality, weather, pests) plays such a critical role in determining output and limiting the ability of farmers to specialize. The book develops specific models and tests the implications of
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Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Douglas W Allen; Dean Lueck
ISBN: 0262122537 9780262122535 0262511851 9780262511858
OCLC Number: 50041588
Description: viii, 258 pages ; 24 cm
Contents: 1. Introduction --
2. Farming in North America --
I. Contracts and the Transaction Cost Framework --
3. The Simplicity of Agricultural Contracts --
4. Choosing between Cropshare and Cash Rent Contracts --
5. Sharing Inputs and Outputs --
II. Risk Sharing as an Alternative Framework --
6. Risk Sharing and the Choice of Contract --
7. Ratchet Effects in Agricultural Contracts --
III. Extending the Framework: Farm Organization --
8. Ownership versus Contracting for the Control of Assets --
9. Farm Organization and Vertical Control --
10. Conclusion.
Responsibility: Douglas W. Allen and Dean Lueck.
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A theoretical and empirical study of agricultural contracts and organization based on the transaction cost framework.  Read more...

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"A coherent and largely persuasive case for... the transaction cost approach to farm organization over the principal-agent paradigm." Journal of Economics

 
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