This paper studies recursive exchange economies with short sales. Agents maximize discounted expected utility. The asset structure is general and includes real securities, infinite-lived stocks, options, and other derivatives. The main result shows the existence of a competitive equilibrium...

We use plot-level data from ICRISAT to assess competing explanations for an old empirical regularity - the inverse relationship between land productivity and farm size. The presence of farmers who simultaneously crop multiple plots with different sizes is used to test (and reject) explanations...

This essay surveys some recent empirical works about sharecropping. The basic theoretical trade-offs are discussed in the introduction. Section 1 discusses the empirical research on resource allocation. This section is divided in two subsections: one studying the effects of tenure stability on...