分益契約とエイジェンシーの理論

展望

抄録

Economic theories flourished which sought the determinants of, as well as efficiency implications of, different tenancy arrangements. Theoretical results are in many cases mutually inconsistent; while some assert the inefficiency of share contract due to the adverse incentive effects of output sharing, others emphasize the desirable function of sharecropping as a risk spreading device.
In our view, theoretical conflicts arise largely from different behavioral assumptions implicit in the theoretical constructs. In this analysis an attempt is made to uncover such assumptions and to evaluate their significance on the theoretical as well as empirical grounds.
Major conclusion of this survey is that among the existing theories, the first best view of the share contract under uncertainty is most consistent with the available evidence.