摘要：This study examines land contract decision-making withthe use of an eastern Arkansas data set. Estimated probit models usedto test contract choice hypotheses support a credit constraint hypothesis,indicating that contract choice is based on: 1) the tenant's financialposition and operating expense levels, 2) the size of the operation; 3)alternative uses of agricultural land; and 4) the supply of contractedland. Results indicate limited support for the agency problem hypoth-esis and reject the risk aversion and farmer managerial ability hypoth-eses. Regression equations used to select lease term hypotheses indicatethat cash rent levels are sensitive to land quality, supply of contractacres, irrigation, and crops produced. Tenant shares of the crop andvariable costs are less sensitive to land quality than cash rents. Othervariables that in.uence tenant shares of the crop and variable costsinclude tenant/landlord social capital, the supply of contracted acres,and crop selection.
