Inthiscaseweseethefermiers,athirdparty,interposingbetweenlandlordsandtenantstoprovideamorecertaininefortheformer.[17]Tomyknowledge,nosimilararrangementexistedinChina,thoughanotherpracticeprevailed(seenextsection).InJapan,sharetenancyhasbeenrare;and,atthesametime,apulsorycropinsurancesystemhasbeenenforced.[18]
www.youxs.org.
Intable1,
,whereXiisthehectareyieldinkg.,iversalphenomenon.[19]
www.youxs.org(1930-35),sharerentisgenerallyslightlyhigherthanfixed(crop)rent,[20]andthispremiummayberegardedasareturntothelandownerforriskbearing.
costs,takenseparately,,andthechoiceofcontractsisdeterminedbyweighingthegainsfromriskd,differentphysicalattributesofcropsandtypesofclimateoften,differentlegalarrangements,suchaspulsoryorsubsidizedcropinsurance,affectthevariancetathirdfactor:differentmarketarrangementsalsoaffectthechoiceofcontractualforms.
[1].Ifonlyoutrighttransfersexistforallresources,”owner”
[2].,”TheNatureoftheFirm,”Economica(November,1937).
[3].
[4].Whilethisconcepthastheadvantageoftreatingriskasameasurablequantitythatcanbeconvenientlyappliedtoobservations,,forexample,JackHirshleifer,”InvestmentDecisionunderUncertainty:Choice-TheoreticApproaches,”QuarterlyJournalofEconomics(November,1965).
[5].Transactioncostsmayalsodependonotherfactors,suchasthenumberofparticipantsandtransactions,www.youxs.org(NewHaven:YaleUniversityPress,1964),
[6].,”TheEconomicsofInformation,”JournalofPoliticalEconomy(June,1961).
[7].SeeHaroldDemsetz,”TheExchangeandEnforcementofPropertyRights.”JournalofLawandEconomics(October,1964).,”TheAnatomyofMarketFailure,”QuarterlyJournalofEconomics(August,1958).
[8].,inapartmentrentalsthecostofutilitiesisfrequently”paid”byanamountaddedtotheapartmentrent;restaurantsservingbuffetsallowcustomerstoeatasmuchastheypleaseafterpayingalump-sumcovercharge.
[9].Marginalinequalitywithinafirm,asinthecaseoflump-sumcharges,,ifthesamewaterresourceinotherusesisunderacontractthatstipulatesaunitprice,themarginalproductofwaterunderthelump-sumchargeswillbelowerthanthatelsewhere.
Themarginalquantitiesunderdiscussionar(asimpliedintheexampleoflump-sumcharges),itispossibletodefineadifferentsetofmarginalquantitiesbyincorporatingtransactioncostsinsuchawaythatadifferentsetofmarginalequalitiescouldbeobtained.
[10].ForthesituationinChina,,LandUtilizationinChina(Chicago:UniversityofChicagoPress,1938),www.youxs.org(London:OxfordUniversityPress,1959);forotherpartsofAsia,seesourcescitedinchapter1,notes10and14.
[11].(seenextsection)areconsistentwiththisstatement.