IDEAS home Printed from https://ideas.repec.org/a/oup/ajagec/v81y1999i2p467-478.html
   My bibliography  Save this article

A Dynamic Option Value for Institutional Change: Marketable Property Rights in the Sahel

Author

Listed:
  • Frederic J. Zimmerman
  • Michael R. Carter

Abstract

In this article we use dynamic programming methods to create an option value measure of the value of the institutional innovation of marketable property rights. This measure has two properties that are important to understanding institutional change: it is truly dynamic and it allows for agent heterogeneity. In the case of West Africa, we find that the collapse of customary risk management institutions is a vital part of the demand for marketability rights as agents struggle to smooth income and consumption in its wake. We find that the social efficiency implications of this demand for institutional innovation are ambiguous. Copyright 1999, Oxford University Press.

Suggested Citation

  • Frederic J. Zimmerman & Michael R. Carter, 1999. "A Dynamic Option Value for Institutional Change: Marketable Property Rights in the Sahel," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(2), pages 467-478.
    • Handle: RePEc:oup:ajagec:v:81:y:1999:i:2:p:467-478
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.2307/1244595
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Deininger, Klaus & Jin, Songqing & Nagarajan, Hari K., 2009. "Determinants and Consequences of Land Sales Market Participation: Panel Evidence from India," World Development, Elsevier, vol. 37(2), pages 410-421, February.
    2. Deininger, Klaus & Chamorro, Juan Sebastian, 2004. "Investment and equity effects of land regularisation: the case of Nicaragua," Agricultural Economics, Blackwell, vol. 30(2), pages 101-116, March.
    3. Lindsay, Amanda R. & Sanchirico, James N. & Taylor, J. Edward, 2017. "Evaluating local impacts of marine-based economic stimulus policies amid market imperfections in rural Indonesia," 2017 Annual Meeting, July 30-August 1, Chicago, Illinois 258444, Agricultural and Applied Economics Association.
    4. Klaus Deininger & Songqing Jin, 2008. "Land Sales and Rental Markets in Transition: Evidence from Rural Vietnam," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 70(1), pages 67-101, February.
    5. Gwendoline Promsopha, 2016. "Temporary transfers of land and risk-coping mechanisms in Thailand," Working Papers hal-01409110, HAL.
    6. Songqing Jin & T. S. Jayne, 2013. "Land Rental Markets in Kenya: Implications for Efficiency, Equity, Household Income, and Poverty," Land Economics, University of Wisconsin Press, vol. 89(2), pages 246-271.
    7. Estelle Koussoubé, 2014. "What Drives Land Sales and Rentals in Rural Africa: Evidence from Western Burkina Faso," Working Papers DT/2014/10, DIAL (Développement, Institutions et Mondialisation).
    8. Kvartiuk, Vasyl & Petrick, Martin, 2021. "Liberal land reform in Kazakhstan? The effect on land rental and credit markets," World Development, Elsevier, vol. 138(C).
    9. Zimmerman, Frederick J. & Carter, Michael R., 2003. "Asset smoothing, consumption smoothing and the reproduction of inequality under risk and subsistence constraints," Journal of Development Economics, Elsevier, vol. 71(2), pages 233-260, August.
    10. Krishna, Vijesh V. & Kubitza, Christoph & Pascual, Unai & Qaim, Matin, 2017. "Land markets, Property rights, and Deforestation: Insights from Indonesia," World Development, Elsevier, vol. 99(C), pages 335-349.
    11. Ghebru, H. & Holden, S., 2018. "Land Access, Land Rental Markets and Rural Poverty Dynamics in Northern Ethiopian Highlands: Panel Data evidence using Survival Models," 2018 Conference, July 28-August 2, 2018, Vancouver, British Columbia 277440, International Association of Agricultural Economists.
    12. Rizov, Marian & Gavrilescu, Dinu & Gow, Hamish & Mathijs, Erik & Swinnen, Johan F. M., 2001. "Transition and Enterprise Restructuring: The Development of Individual Farming in Romania," World Development, Elsevier, vol. 29(7), pages 1257-1274, July.
    13. Gwendoline Promsopha, 2018. "Risk†Coping, Land Tenure And Land Markets: An Overview Of The Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 32(1), pages 176-193, February.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:ajagec:v:81:y:1999:i:2:p:467-478. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://edirc.repec.org/data/aaeaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.