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Economists tend to ask two questions in a bilateral contracting situation: Is the outcome efficient? How are the gains, distributed? a. Suppose that landlords and tenants care only about the expected or average gain from the contract, and not about risk. Comparing a sharecropping contract to a fixed-rent contract: which of these is efficient? Explain. [4 points] b. Now, suppose that tenants lack assets and do not have access to insurance or credit markets. They are therefore in a poor position to bear risk. Can this help explain the persistence of sharecropping contracts? Explain.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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