Relational Contracts in Agriculture: Theory and Evidence

Posted: 27 Oct 2020

See all articles by Jeffrey D. Michler

Jeffrey D. Michler

University of Arizona

Steven Y. Wu

Purdue University - College of Agriculture; IZA Institute of Labor Economics

Date Written: October 2020

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.

Suggested Citation

Michler, Jeffrey D. and Wu, Steven Y., Relational Contracts in Agriculture: Theory and Evidence (October 2020). Annual Review of Resource Economics, Vol. 12, Issue 1, pp. 111-127, 2020, Available at SSRN: https://ssrn.com/abstract=3716720 or http://dx.doi.org/10.1146/annurev-resource-101719-034514

Jeffrey D. Michler (Contact Author)

University of Arizona ( email )

Department of History
Tucson, AZ 85721
United States

Steven Y. Wu

Purdue University - College of Agriculture ( email )

United States

IZA Institute of Labor Economics

P.O. Box 7240
Bonn, D-53072
Germany

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