The equilibrium allocation of owner operated and rental land in the agricultural sector is examined given risk averse agents, risky returns and asset price risk. The model is extended to account for disparities in bargaining power among landlords and farmers. In the absence of disparities, the...

Many low-income countries pursue cheap-food policies in which consumers pay subsidized prices for bread, rice and other staples. This paper addresses the issue of why different governments select different food subsidy policies, using multiple instruments rather than a simple across-the-board...