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The Farm Lease: An Analysis of Owner-Tenant and Landlord Preferences under Risk

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  • Jeffrey Apland
  • Robert N. Barnes
  • Fred Justus

Abstract

A variety of farm lease terms are examined with respect to the preferences of an owner-tenant and landlord under risk. The owner-tenant's optimal crop mix is examined for six common leasing arrangements. A variant of the MOTAD model is used to derive the optimal crop mix for a risk-neutral and risk-averse owner-tenant. For two share leases, the trade-offs between the owner-tenant's and landlord's preferences are examined with each agent given neutral and averse risk postures. Results suggest the importance of mixed tenancy and risk in the selection of lease terms for farm land.

Suggested Citation

  • Jeffrey Apland & Robert N. Barnes & Fred Justus, 1984. "The Farm Lease: An Analysis of Owner-Tenant and Landlord Preferences under Risk," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(3), pages 376-384.
    • Handle: RePEc:oup:ajagec:v:66:y:1984:i:3:p:376-384.
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    Citations

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    Cited by:

    1. Kanakasabai, Murali & Dillon, Carl R. & Skees, Jerry R., 2001. "Microeconomic Evaluation Of Farm Risk Management Decisions In Kentucky," 2001 Annual Meeting, July 8-11, 2001, Logan, Utah 36178, Western Agricultural Economics Association.
    2. Chambers, Robert G. & Phipps, Tim T., 1988. "Accumulation And Rental Behavior In The Market For Farmland," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 13(2), pages 1-13, December.
    3. Andersson, H., 1995. "Landlords and farmers: implications of disparities in bargaining power for tenancy in agriculture," Agricultural Economics, Blackwell, vol. 12(2), pages 151-162, August.
    4. Blank, Steven, 1991. "Affects of Farmland Cash Leasing Rates on crop Selections of owners and Tenants: A Portfolio Analysis," WAEA/ WFEA Conference Archive (1929-1995) 321474, Western Agricultural Economics Association.
    5. Perry, Gregory M. & Rister, M. Edward & Richardson, James W. & Grant, Warren R., 1986. "Analyzing Tenure Arrangements and Crop Rotations Using Farm Simulation and Probit Analysis," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 18(2), pages 165-174, December.
    6. Dillon, Carl R., 1999. "Production Practice Alternatives For Income And Suitable Field Day Risk Management," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 31(2), pages 1-15, August.
    7. Koster, Daniel M., 1993. "The impact of land tenure on the use of sustainable agricultural practices," ISU General Staff Papers 1993010108000017611, Iowa State University, Department of Economics.
    8. Bernat, G. Andrew, Jr., 1987. "Share Leasing And Production Efficiency," Staff Reports 278000, United States Department of Agriculture, Economic Research Service.
    9. Boehlje, Michael & Olson, Kent D., 1991. "Linkages Between Farm And Financial Management," Staff Papers 13339, University of Minnesota, Department of Applied Economics.
    10. Johan Petersson & Hans Andersson, 1996. "The Benefits Of Share Contracts: Some European Results," Journal of Agricultural Economics, Wiley Blackwell, vol. 47(1‐4), pages 158-171, January.
    11. Dillon, Carl R. & Oriade, Caleb A. & Parsch, Lucas D., 1998. "Production Risk Management Under Arkansas Soybean Rental Arrangements From The Tenant'S And Landlord'S Perspective," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20781, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    12. Dillon, Carl R. & Shearer, Scott A. & Mueller, Thomas, 2001. "A Mixed Integer, Nonlinear Programming Model Of Innovative Variable Rate Planting Date With Polymer Seed Coatings," 2001 Annual meeting, August 5-8, Chicago, IL 20572, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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