Tenants, Landlords, and Soil Conservation
研究地主在决定租约条款的同时投资持久性土壤保护措施时，不同租约形式（现金租约与分成租约）对土地过度利用和保护投资的影响，发现租约形式和保护投资是同时决定的，对相关计量研究有启示。
It has long been argued that tenants tend to overexploit land, but this conventional wisdom has been derived largely without consideration of landlords' actions. We examine what happens when landlords can invest in durable conservation measures in addition to choosing rental contract terms. When tenants are risk neutral, landlords overinvest in conservation under cash rental contracts but can achieve first best levels of output and protection against land degradation when conservation investment is combined with share rental. When tenants are risk averse, the first best is unattainable. In this case, conservation investment combined with share rental results in output levels below the first best, while equilibrium conservation investment may be greater or less than the first best. These results suggest that contract form and conservation investments are likely made simultaneously, so that econometric studies of conservation practice adoption that treat rental status as exogenous are likely subject to bias.