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| Author: | Bandiera, O. |
| Title: | Contract duration and investment incentives: evidence from land tenacy agreements |
| Journal: | Journal of the European Economic Association
2007 : SEP, VOL. 5:5, p. 953-986 |
| Index terms: | contracts investment incentives rents Italy |
| Language: | eng |
| Abstract: | The empirical determinants of contract length is analysed in this article. Contract length and contract type are estimated jointly using original data on tenancy agreements signed between 1870 and 1880 in the district of Siracusa, Italy. It is reflected by the results that the choice of contract length is driven by the need to provide incentives for nonobservable investment, taking into account transaction costs and imperfections in the credit markets that make incentive provision costly. |
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