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Discuss benefits of these three alternative systems

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Question

Sharecropping is a farming system by which a landowner and a tenant share the results of the tenant's labor on the landowners property based on some fixed share of the crops, for example, a 50/50 split of the crops. This is an alternative to 1) the tenant paying a fixed rent and the tenant getting the proceeds from all of the crops or 2) the landowner employing the tenant for a fixed wage and the landowner getting the proceeds from all of the crops. Discuss the benefits of these three alternative systems from a) the perspective of maximizing expected utility under different risk preferences for the tenant and the landowner and b) incentivizing efficient effort in the farming process.

Reference no: EM133268530

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