Optimal Behavior of Rice Farmers in the Imperfectly Competitive Land Lease Market in Japan: With a Focus on Transaction Costs and Uncertain Returns on Land Lease Investment
Optimal Behavior of Rice Farmers in the Imperfectly Competitive Land Lease Market in Japan: With a Focus on Transaction Costs and Uncertain Returns on Land Lease Investment
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日本不完全竞争土地租赁市场中稻农的最优行为：关注交易成本和土地租赁投资回报的不确定性
DOI：
10.18480/jjre.15.1
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发表时间：
2013
期刊：
影响因子：
--
通讯作者：
S. Nakagawa
中科院分区：
文献类型：
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作者：
H. Kusakari;S. Nakagawa
在订立契约的过程中，农民须付出一些交易费用，包括寻找合适农地的费用。此外，农民往往推迟签订合同，因为他们担心土地租赁投资的回报不确定，尽管目前有利可图。本研究的目的是判断交易成本和不确定的回报是否是日本土地租赁合同数量的限制。本研究假设，以前的论文与这种情况下高估了合同的数量，因为他们忽略了两个障碍的影响，由于他们的先入之见的竞争性市场框架。本文的创新之处在于从理论和实证的角度证明了以往的高估，并应用真实的期权理论估计了交易成本和作为不确定收益指标的期权价值系数。本研究的主要成果如下：第一，从理论上明确了以往文献中采用的完全竞争土地租赁市场假设，导致了在市场竞争不完全的情况下，土地租赁合同数量的高估。其次，通过对交易成本和期权价值系数的显著估计，实证证明了水稻田土地租赁市场是不完全竞争的。第三，从研究的估计结果来看，1981 - 1992年前一时期的交易成本估计值相对大于1995 - 2002年后一时期的估计值;另一方面，1981 - 1992年前一时期的期权价值系数估计值相对小于1995 - 2002年后一时期的估计值。这些结果意味着，这两个障碍的每一个限制土地租赁合同的数量在不同的时期。本研究的实证结果强烈表明，政府的政策，以减轻交易成本和一定程度的不确定性，土地租赁投资是有效的，在日本的水稻种植加快农地租赁合同。
In the process of drawing up contracts, farmers must pay some transaction costs, including the cost for searching for appropriate farmlands. In addition, farmers tend to postpone making contracts because of their anxiety about uncertain returns on land lease investment in spite of present profitability. The objective of this study is to judge whether transaction cost and uncertain returns work as restrictions on the number of land lease contracts in Japan. This study assumes that the previous papers associated with this context overestimated the number of the contracts because they ignored the effects of two obstacles as a result of their preconception of the competitive market framework. The originality of this study is to prove the previous overestimation from theoretical and empirical viewpoints, and to estimate the transaction cost and the option value coefficients as an index of uncertain returns by applying real option theory. The main outcomes of this study are as follows: First, the study makes it clear theoretically that the perfectly competitive land lease market assumption adopted by the previous papers leads to the overvaluation of the number of land lease contracts when market competitiveness is imperfect. Second, the study proves empirically that the land lease markets of rice farming are imperfectly competitive according to the significant estimation results of the transaction costs and the option value coefficients. Third, from the estimation results of the study, the estimate of the transaction costs in the former period from 1981 to 1992 was relatively larger than the estimate in the latter period from 1995 to 2002; on the other hand, the estimate of option value coefficient in the former period was relatively smaller than the estimate in the latter period. These results imply that each of the two obstacles restricts the number of land lease contracts at different periods. The empirical results of this study strongly suggest that government policy to mitigate both transaction costs and a degree of uncertainty of returns on land lease investment is effective in accelerating farmland lease contracts in rice farming in Japan.
DOI：
--
发表时间：
2012
期刊：
Japanese Journal of Rural Economics
影响因子：
--
作者：
Miyata K.;Atsumi T,. Mizoguchi T.;Daisuke Takahashi
通讯作者：
Daisuke Takahashi