Relational Contracts in Agriculture: Theory and Evidence
Jeffrey D. Michler, Steven Y. Wu
Abstract
We appraise the current status of relational contract theory, along with associated empirical studies, with the goal of providing an orientation to the field to economists who may not have expertise in contract theory. We begin with a theoretical discussion focusing mainly on intuition and the usefulness of the theory for conceptualizing applied agricultural contracting problems. We also discuss current theoretical challenges and the current state of empirical research on relational contracts. We conclude by discussing potentially fruitful areas for future research.
Topics & Concepts
IntuitionRelational contractEmpirical evidenceEmpirical researchEconomicsField (mathematics)AgricultureContract theoryPositive economicsEpistemologyMicroeconomicsPhilosophyBiologyEcologyPure mathematicsMathematicsAgricultural risk and resilienceAuction Theory and ApplicationsLand Rights and Reforms