Multiple leasing under cropshare tenancy - A note
解释地主和佃农为何倾向于多重租赁，指出在分成合约谈判成本高且产出不确定时，风险规避的地主会分割土地给多个佃农，并允许佃农向其他地主租地。
This paper attempts to explain the perplexing tendency to multiple leasing by both landlords and tenants in some countries. It shows that if the negotiation of share contracts involves significant transaction costs and there is some uncertainty regarding the output on tenanted plots, a risk-averse landlord maximizing expected utility will find it in his advantage to subdivide his land among several tenants and also permit his tenant to lease land from other landlords.