Misallocation, Selection, and Productivity: A Quantitative Analysis With Panel Data From China
利用中国农户面板数据，量化分析土地和资本市场摩擦对农业全要素生产率的影响，发现摩擦通过资源错配和农户选择效应显著降低生产率。
We use household‐level panel data from China and a quantitative framework to document the extent and consequences of factor misallocation in agriculture. We find that there are substantial within‐village frictions in both the land and capital markets linked to land institutions in rural China that disproportionately constrain the more productive farmers. These frictions reduce aggregate agricultural productivity by affecting two key margins: (1) the allocation of resources across farmers (misallocation) and (2) the allocation of workers across sectors, in particular the type of farmers who operate in agriculture (selection). Selection substantially amplifies the productivity effect of distortionary policies by affecting occupational choices that worsen average ability in agriculture.