Output risk in Tuscan agriculture in the late 19th and early 20th centuries
Galassi, Francesco L. and Pudney, Stephen (1999) Output risk in Tuscan agriculture in the late 19th and early 20th centuries. Working Paper. Coventry: University of Warwick, Department of Economics. Warwick economic research papers (No.552).
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We analyse output risk in Italian agriculture over the period 1870-1914. We use data on a set of 16 tenanted plots grouped into three farms comprising a single large estate. We estimate the degree of risk associated with each separate crop, with the portfolio of crops at the level of the plot, the farm and the estate. We highlight two particular features: the relatively high risk associated with tree crops (wine, oil and nuts); and the substantial scope for the landlord to reduce risk through crop diversification across plots. We discuss the implications of these for tenure contract theory.
|Item Type:||Working or Discussion Paper (Working Paper)|
|Alternative Title:||Output risk in Tuscan agriculture in the late nineteenth and early twentieth centuries|
|Subjects:||H Social Sciences > HC Economic History and Conditions
S Agriculture > S Agriculture (General)
|Divisions:||Faculty of Social Sciences > Economics|
|Library of Congress Subject Headings (LCSH):||Risk management -- Italy, Agriculture -- Italy -- Tuscany -- History, Land tenure -- Italy -- Tuscany, Tuscany (Italy) -- Economic conditions|
|Series Name:||Warwick economic research papers|
|Publisher:||University of Warwick, Department of Economics|
|Place of Publication:||Coventry|
|Official Date:||October 1999|
|Number of Pages:||22|
|Status:||Not Peer Reviewed|
|Access rights to Published version:||Open Access|
Bevilacqua, P., ed. (1990), Storia dell'agricoltura italiana. Venice: Marsilio, 3 vols.
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