The Farm Lease: An Analysis of Owner‐Tenant and Landlord Preferences under Risk
分析了不同农场租赁条款下自耕农和地主在风险中的偏好，使用MOTAD模型考察了六种常见租赁安排对最优作物组合的影响，并探讨了分成租赁中双方的风险态度权衡。
Abstract A variety of farm lease terms are examined with respect to the preferences of an owner‐tenant and landlord under risk. The owner‐tenant's optimal crop mix is examined for six common leasing arrangements. A variant of the MOTAD model is used to derive the optimal crop mix for a risk‐neutral and risk‐averse owner‐tenant. For two share leases, the trade‐offs between the owner‐tenant's and landlord's preferences are examined with each agent given neutral and averse risk postures. Results suggest the importance of mixed tenancy and risk in the selection of lease terms for farm land.