Tenancy Choice in a Competitive Framework with Transactions Costs
通过引入非线性交易成本，构建模型分析工资劳动与分成租佃合同的选择，避免了以往模型的分成制无效率和不确定性缺陷，并用美国南部种植园数据验证了交易成本非线性及直接监督与合同选择的同步决定。
The choice between wage labor and sharecrop contracts is analyzed in a model that avoids both the pitfalls of previous models--inefficiency of sharecropping and indeterminacy--by introducing transactions costs with appropriate nonlinearities. Plantation data from the American South provide empirical support for the hypothesized nonlinearity in transactions costs and simultaneous determination of direct supervision and contractual choice.