When perception is reality: Subjective expectations and contracting

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Abstract

Marc F. Bellemare focuses on the emergence of subjective perceptions on variables concerning plot, landlord household, and tenant household. The average landlord feels that there is a 0.94% probability that she will lose her plot due to the contract that she signed with her tenant and a 2.21% probability that she would lose her plot if she were to sign the alternative contract. Few variables are significant in each specification, and only the age of the tenant has a significant impact on all three subjective perceptions of tenurial insecurity. Conversely, while the subjective perception of tenurial insecurity under fixed rent is only affected by plot-specific covariates, these have no impact on the subjective perception of tenurial insecurity under sharecropping. Marc feels that the only variable to have an impact on the change in tenurial insecurity due to a change of contract is the tenant's age.

Original languageEnglish (US)
Pages (from-to)1377-1381
Number of pages5
JournalAmerican Journal of Agricultural Economics
Volume91
Issue number5
DOIs
StatePublished - Dec 1 2009

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