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...Development economics land issues tenancy ray debraj chapter and pp objectives of today s lecture to understand economic incentives behind two major forms fixed rent share cropping farming needs both labor among others as inputs large landlords have too much relative landless farmers little make feasible we need either market or transactions main types leasing are follows a tenant pays amount the landlord no matter how crop yields produces sharecropping in accordance with ratio agreed between them for example marshallian argument by alfred marshall his claim is inferior if your purpose maximize assumptions assumed only which marginal product decreasing cost constant outside option opportunity working on own field wages available you hired someone else risk concern agricultural subject risks bad weather insect pests like question expected value profit same tenancies type does prefer consider states terms monetary values outputs let g represent good output b where further p denote probab...