The objective of this article is to provide new empirical evidence on landlord-tenant choices of share versus cash-rent contracts in U.S. agriculture. The focus is on the contribution of explanatory variables that represent transaction costs, risk-sharing incentives, or both. An empirical model of contract choice is tested against the 1999 Agricultural Economics and Land Ownership Survey (AELOS) and finds mixed evidence for low transaction cost and risk-sharing-incentive motives for landlord-tenant choices of a share versus cash-rent contract. However, the behavior of landlords and tenants is consistent with them being risk averse. Although it is standard to control for the riskiness of the principal's task that is contracted, we find that other attributes of the landlord are an important part of a relatively complex story for U.S. land tenancy contacting. The latter results have generally been ignored in other published landlord-tenant contracting studies. Copyright 2009, Oxford University Press.
This paper provides new perspectives on USA landlord-tenant contracting, where technical change is creating scale economies in farming and farm enlargements, and results that are important to the sustainability ofland use and environmental quality. We develop a conceptual model oflandlord-tenant contracting that emphasizes minimizing transactions costs and setting incentives for effort when tenants are risk averse, and provide empirical evidence from the USA supporting the model. We find support for both models and that landlords' as well as tenants' attributes determine whether a contract is crop share or cash. We also find that highly erodible land and land that is expected to remain in farming in the future are most likely to be operated with share contracts, which include owners' interests in production and management decisions. We then examine evidence showing how contract choice affects the adoption of short-versus long-term conservation practices, participation in public conservation programmes, and tendencies for conversion of farmland to urban uses. We conclude that, under diverse economic, technical, climatic, ecological and political conditions, crop-share contracts have sustainability advantages relative to cash rental contracts.
To my parents 1V TABLE OF C4NTENT5 LIST OF FIGURES vi LIST OF TABLES Vll CHAPTER 1. INTRODUCTION CHAPTER 2. THE OVERV~W OF FOOD SOYBEAN TRADE 2-1 The characteristics of the major soybean foods and the demand characteristics for tofu/natto soybeans 2-2 The overview of soybean food markets in Japan 2-2-1 The overview of food grade soybean markets in Japan Use of tofu and natto markets for study 2-2-2 The overview of tofu market The structure of tofu industry The impact of the emergence of supermarkets on tofu industry The impact of the changes on tofu soybean demand 2-2-3 The overview of natto market The structure of natto industry The impact of the changes on natto soybean demand 2-3 The overview of food soybean trade between the U. S. and Japan 2-3-1 The definitions of a distributor and a trading company 2-3-2 The physical distribution of food soybeans-from US farms to Japanese soybean food makers 2-3-3 The players and their roles in the food soybean trade The case of bulk shipment (IOM soybeans) The case of container shipment (Specific variety soybeans) 25 CHAPTER 3. LITERATURE REVIEW 28 3-1 The theory of transaction cost economics 28 3-1-1 Transaction cost economics and related theories 28 3-1-2 The criticisms to transaction cost economics 34 3-2 The theory of trust 3 6 3-2-1 Why trust? 3 6 3-2-2 Trust in transaction cost economics 37 CHx~TER 2 THE OVERVIEW OF FOOD SOYBEAN TRADE In this chapter, we will first explain the characteristics of the major soybean foods in Japan (section 2-1). Second, we will observe two representative soybean product markets, tofu and natto markets, focusing on how they have developed and how their market structures are changing (section 2-2). We have selected these two representative products in the Identity-Preserved part of the food soybean procurement system. From the available literature and data, we will observe the changes in the final product markets, how these changes affect the strategies of makers and distributors, and the resulting changes in the food soybean trade. In section 2-3, we will overview food soybean trade between the US and Japan. In that section we will develop a detailed description of the physical distribution channel for food soybeans from the US farmers to the Japanese food makers. In addition, we will describe the roles of the firms operating in the value chain of food soybeans. Information was obtained through personal interviews with people in Japanese and US soy industries. These interviews were used to add depth to the analysis. The impact of introduction of Identity-Preserved (IP) handling on the food soybean transactions as the industry incorporated it will be mentioned in some parts of this chapter. Although IP handling was not a main focus of this paper, the movement to IP may have some impacts on the food soybean business.
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SummaryA wave-piercing catamaran was developed in Australia, and has been increasing in size for these twenty years. The first largest wave -piercing car ferry, "Natchan Rera" was built in Australia and introduced in the Hokkaido-Aomori route in September 2007. The seakeeping performance of this ship has been investigated by model experiments and revealed the superiority compared with conventional mono-hull ship. However, the seakeeping performance in real sea where irregular and combined waves are outstanding has not been revealed yet. In the present study, measurements of motions using real ship during winter season were carried out. From measured motion data, seakeeping performance of this ship in real seas is revealed. From comparison of measured motions between real ship with a ride control system and its scale model without it, the effectiveness of the ride control system is also discussed.
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