-rent contracts in U.S. agriculture. The focus is on the contribution of explanatory variables that represent transaction costs, risk …-sharing incentives, or both. An empirical model of contract choice is tested against the 1999 Agricultural Economics and Land Ownership … Survey (AELOS) and finds mixed evidence for low transaction cost and risk-sharing-incentive motives for landlord …

risk-sharing and moral hazard is far from settled. Moreover, existing empirical study very often plague by selection … decision and contract choice are simultaneous. A modified Heckman model is estimated which avoids the selectivity bias of … observed contracts. Empirical tests reject the hypothesis of pure risk sharing and a wide range of support for the presence of …

I study bargaining over contract arrangements—contractual flexibility and rental payments—that profoundly affects the …