第33章 佃农理论英语原著 27
- 作者:张五常
- 类型:短篇文学
- 更新:07-04 15:12:58
- 字数:5744
Therankin,the”shirking”oflaborinput,whichmayexistinawagecontract(alsoinasharecontract)withouteitherenforcingtheinputorcheckingtheoutput,iscostlytoprevent.[12]Butwhilethis”shirking”problemdoesnotappearsignificantforlandinputinafixed-rentcontract,policing(orenforcing)themaintenanceofsoilandotherassetsownedbythelandlordismorecostlyforafixed-rentorasharecontractthanforawagecontract.[13]Ifweaccepttheabovereasoning,pendingempiricalconfirmation,andiftransactioncostistheonlyconsideration,thentheminimiza,then,aresharecontractschosen?
,definedheretomeanthatanindividual,giventhesameexpectedaverageine,,variablesexogenoustotheproductionfunction,suchasweatherconditionsandpests,areriskfactorswhicharedifficulttofore,thetenantbearsmost,ifnotall,oftherisk;underawagecontract,thelandownerbearsmost,ifnotall,(orriskdispersion);thatis,the,asharecontractwillbemutuallypreferredbythelandownerandthetenant.[14]Risk,however,,then,arefixed-rentandwagecontractschosenatall?
Isuggestthatthechoiceofcontractbeanalyzedbyemployingbo,ah,giventhetransactioncost,riskaversionimpliesthatassetvaluesandthevariancesofinearenegativelyrelated.[15]Whileinitselfthedispersionofriskunderasharecontractwillleadtohighervaluesforthecon-tractedresources,(orutilitymaximization,dependingontherelevantmeasurementproblem)im-pliesthatthecontractualarrangementchosenwillbetheonewhichyieldsthehighestvaluesforthecontractedresources.
Anycontractbiningresourcesfromdifferentownersforproductioninvolves,inadditiontonegotiationcosts,theenforcementcostsofcontrollinginputsanddistributingoutput,sawhole(thesumofnegotiationandenforcementcosts),amongotherthings,includetherentalpercentage,theratioofnonlandinputtoland,andthetypesofcropstobegrown.[11],however,giventhemarketprices,onepartyalonecandecidehowmucld,rafixed-rentorawagecontract.
www.youxs.org(aninsurancepany)weretoinsuretheexpectedmeanyield,thecontractingpartieswouldchooseafixed-rentcontractandwouldbewillingtopaytheinsuringpartyanamountnohigherthanthesavingfromalowertransactioncostplusapremiumforthealmos,perhaps,isthatthecostofhandlinginsurancetransactionsmaybesohighastobeprohibitive:theinsuringagentwouldhavet(sharecropping),however,ConstantiaMaxwellobserved:
TheusualprocedureforFrenchseigneurswas,whileretainingthechateauanditsimmediateneighborhoodfortheirownuse,toletouttheirlandsingrostomiddlemenorfermiers(tobedistinguishedfromfermiersexploitants),whopaidafixedsumtotheproprietorandgatheredth,likethelandlords,wereabsenteesandworkedtheestatethroughsub-agents.[16]
Giventhevarianceofoutputvalueandtherentalpercentage,asharecontractprescr,however,asharecontractwillbechosenratherthanafixedrentorawagecontractifthehighe,ofcourse,stillotherarra,thetransactioncostofanarrangementforriskdispersionmoreflexiblethanasharecontractmaybesohighastomakeitundesirable.
Evidenceisavailabletosupporttheapplicabilityofthiskindofanalysis:
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