Intheabsenceoftransactioncosts,thatstateofresourceallocationunderwhichitisnolongerpossibletoreallocateresourcestobenefitoneindividualwithoutanotherslosing（thatis,theParetocondition）,however,resourceallocationinconformitywiththeParetoconditionneednotsatisfythesamesetofmarginalequalities.[7]Althoughitisdifficult,ifnotimpossible,toseparateonetypeoftransactioncostfromanother,itmaynonethelessbeusefultodistinguishtwotypesofmarginalinequalitiesgeneratedbythepresenceoftransactioncosts.

Thefirstmayberegardedasbeingamongfirms;thatis,thesamefactorinputyieldsd,withtransactioncoststheremaynotexistauniformfactorpriceinthemarket,resourcerights,theresourcevaluecanonlybeexpressedintermsofanonpecuniarymeasure.

Asecondtypeofmarginalinequalitymayberegardedasbeingwithinthefirm;thatis,themarginalproductofafactoremployedby,,alandowner,inlettinghisscarcewaterresourcetoatenant,maycquantification（throughmeteringorotherdevices）issohigh（owingto,say,thephysicalattributesofwater）astomakealternativearrangementsinefficient.[8]Underthisformofcontractualpayment,thewaterresourcewillbeusedbythetenantuntilitsmarginalproductiszero,ontracting,,ifthegainfromchoosinganothercontractualarrangement（www.youxs.org）hadbeengreaterthanthecostofquantifyingtheuseofwater,somemeteringdevicewouldhavebeenadoptedandthecontractwiththelump-sumpaymentabandoned.[9]

Foranyresource,iveusesoftheresource,butalsoofdifferenttransactioncostsassociatedwimarketplace;[6]thereso,petitionconglomeratesknowledgefromallpotentialowners-theknowledgeofalternativecontractualarrangementsandusesoftheresource;andtransferabilityof,www.youxs.org.

www.youxs.org

Considerthethreemainformsofcontractsinagriculture;namely,afixed-rentcontract（rentperacrestatedincashorincrop）,asharecontract,,,sharecontractsweremorefrequentthanfixedrentsinTaiwanandSoutheastAsiabeforetheagrarianreforms;inChinafixedrentsweremorefrequentthansharerentsinthe1930s;inJapan,fixedrentspredominated;andingeneral,wagecontracts（farmhands）havebeeninfrequent,oc-curinginabout1to5percentofthefarminghouseholdsinvariouslocalities.[10]Whydothepatternsofcontractualchoicesdiffer?Whatdeterminesthechoiceofcontracts?

Efficientallocation,therefore,requiresthateachresourcebeusedinthehi,ents,the”highest-valuedoption”

Theexisten,theytendtoreducethevolumeoftransactions,thusimpairi,theymayaffectmarginalequalities（andintensities）,

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