THE RICARDIAN RENT AND THE ALLOCATION OF LAND UNDER UNCERTAINTY

Authors
CHAVAS JP
Citation
Jp. Chavas, THE RICARDIAN RENT AND THE ALLOCATION OF LAND UNDER UNCERTAINTY, European review of agricultural economics, 20(4), 1993, pp. 451-469
Citations number
26
Categorie Soggetti
Economics
Journal title
European review of agricultural economics → ACNP
ISSN journal
01651587
Volume
20
Issue
4
Year of publication
1993
Pages
451 - 469
Database
ISI
SICI code
0165-1587(1993)20:4<451:TRRATA>2.0.ZU;2-X
Abstract
Risk and risk aversion are introduced in a Ricardian model of the pric ing and allocation of land. The rental price of land and agricultural production decisions are analysed in a market equilibrium context. It is shown how uncertainty influences the Ricardian rent, farm output, t he average productivity of the land, and the nature of market equilibr ium.