www.youxs.org

Inthionstraintsofprivatepropertyrightsinafreemarket,thatis,,eachcontracti,azerocostofcontractingisassumed.[1]

However,therentalpercentageis,verticallinesT1,T2,T3……aredividinglinesofplotsoflandtothefirst,second,,themarginalproductoflandshiftsupwardrelativetothesituationwherethereisonlyonetenant.

……arethemarginalproductivitiesoflandforeachtenant,and

www.youxs.org

rrepresentsthetotalfarminginereceivedbythetenant,andtheareabelow

,hewillstayinfarmingandwilluseallthelandavailabletohimonthisfarmaslongasthemarginalproductivityoflandisgreaterthanzero,,thelandownerwillraisetherentalpercentage-thusthe

rcurve-untilthetenantsinefromfarmingequalshisalternativeearning.

Theverticaldistancebetween

and

risthemarginaltenantine,

[2].JCRR,”AnnualReports,”www.youxs.org.

[3].Wemayregardarightasalimitedauthoritytomakedecisionsaboutresources;thatdecisionauthorityusuallyhasapositivepresentvalue.

[4].Toavoidambiguities,wemaysimplyregard”labor”and”capital”asphysicalinputentities.

[1].ThelandlaweffectiveinTaiwaninthepostwarperiodbutbeforethelandreformwasthesameasthatpromulgatedbytheChineseNationalGovernmentinJune30,1930,enforcedMarch1,1936,andamendedApril29,,theChineselandlayprovision,therewasnosubstanti,LandReforminTaiwan,pp.,RulesandRegulationsofLandAdministration（China:NationalGovernment,1947）.

（1-r）,definedasth

and

[9].,”TheProblemofSocialCost,”TheJournalofLawandEconomics（October,1960）；,”SomeEconomicsofPropertyRights,”mimeographed（SantaMonica:TheRandCorporation,1963）.

[7].

[8].Chen,RecordsofTaiwanLandReform,www.youxs.org.

Infigure1,theabscissaoftheverticalsupplycurve,-5,,,

,diminishesashincreases,holdingthefarminginputsofonetenant（oronetenantfamily）,thatis,r=www.youxs.org,

r,

r,……aretherespectivemarginalcontractrentcurvesforeachtenant.[2]Theineforeachtenantisrepresentedbytheareabetweentherespective

and

rcurvesforthetenant.

Tomaximizehiswealth,thelandownerwillmaximizethediffer-encebetweentheintegralofthemarginalproductivitiesoflandandtheintegralofthetenantsines,,iveearning.

Astheareaoflandassignedtoeachtenantbeessmaller,however,therentalpercentagethelandlordchargesmustbelowerforthetenanttoobtainhisalternativeearning,whichcallsforadecreaseinmarginalcontractrent,

r,

rwillleadtoalowerrentreceivedfromeachtenant,andifthelandsizepertenantcontinuestodecrease,therentalpercent:Maximizationofthelandownerswealth,givenhistotallandholdingsandthecostoftenantinputs,requiresthesimult,withprivatepropertyrightsoverlandandtenantinputresources,thetermsinasharecontractmutuallyagreeduponbythelandownerandthetenantwillincludetherentalpercentageandtheratioofnonlandtolandinputthatareconsistentwithequilibrium.

r,isat60percentof.

[5].,”mineralsattachedtoanylandshallnotbeeprivateproperty,evenifprivateownershipofthesaidlandhasbeendulyacquired”（www.youxs.org）.

[6].Transferstoalienswererestricted.

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