We analyze output risk in Italian agriculture over the period 1870-1914. We use data on a set of 16 tenanted plots … grouped into three farms comprising a single large estate. We estimate the degree of risk associated with each separate crop … relatively high risk associated with tree crops (wine, oil and nuts); and the substantial scope for the landlord to reduce risk …

labor availability. However, contrary to the common belief that contracts are a risk management tool for risk averse farmers …. Specifically, the authors analyze farmers' contract decisions for different types of contracts, their contract compliance behaviors …, and their profitability affected by the contracts both analytically and empirically. Design/methodology/approach – The …