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Hong Kong has used a system of planning by consent that predates planning by edict. By selling long leases on a contractual basis, the government has an incentive to provide the contractual terms, obligations and rights to the leaseholder that maximise the value of the land. This system has been...
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The author develops a theory of the choice of contractual arrangements in agriculture by analyzing the incentives, risk … able to explain many tenancy-related issues, such as why sharecropping can be the optimal contract even in the presence of …
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, but there is limited understanding about the determinants of contract duration in developed countries. In this research … legal status, price and non-price conditions in influencing the contract duration. Results indicate that the legal status of …
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