Land Concentration and Long-Run Development in the Frontier United States
利用美国边疆地区土地分配的准随机变化，研究发现历史土地集中使现代土地价值降低4.5%、固定资本降低23%，且影响持续150年，部分原因是分成合约的低激励效应。
I study the long-run economic effects of land concentration on the American frontier. Using quasi-random variation in initial land allocations from a checkerboard formula, I analyze a large database of property assessments and find that historical concentration reduced modern land values by 4.5 percent and fixed capital by 23 percent. Modern effect sizes are 23–64 percent of their historical equivalents, indicating significant rates of both persistence and convergence over the last 150 years. Using archival data on tenant contracts, I argue that the low-powered incentives of share agreements discouraged investment by large-scale owners with long-term effects.