（Iowa,1949）"nosignificantdifferencesbetweenshareandcashleases"（p.661）,however,refusedtoaccepttheconflictbetweentheirtheoryandfindings,andresortedtootherfactorswhich"mightaccountforthislackofdifference"（pp.661-62）.Withthetaxapproach,theyhadconcludedthat,intheory,farmingintensityundersharerentisnecessarilylowerthanundercashrent（atpp.658-60）.SeeHeadyandKehrberg,"RelationshipofCropShareandCashLeasingSystemstoFarmingEfficiency,"ResearchBulletin386（IowaStateCollegeAgriculturalExperimentStation,May,1952）,pp.635-83.[16].Buck,ChineseFarmEconomy,.[17].SeealsoLegislativeYuan,StatisticalMonthly（1930）,2,5.[18].,seechapters7and8.[19].orgputedfromdatainSino-AmericanJointCommissiononRuralRe-construction"JCRRAnnualReportsonLandReformintheRepublicofChina,"mimeographed（1965）,p.35.[20].Onlyasmallamountofnumericaldatahasbeenprovided,,"VietnameseLandTransferProgram,"LandEconomics（May,1957）,"beforethelandtransferprograminVietnam,2,170persons……havedeclaredtotalholdingsamountingto976,602hectares."Giventhat"theaveragetenantholdingisapproximately2hectaresorperhapsslightlymore,",RiskAversion,andtheChoiceofContractualArrangementsTheanalysisthusfarhasbeenprimarilybasedontheconditionthattransactioncosts,andinparticularthecostsofcontractualnegotiationandenforcement,,subjecttotheconstraintofprivatepropertyrights,,:Whyaredifferentcontractualarrangementschosenunderthesamesystemofprivatepropertyrights?Thepurposeofthischapteristoadvance,inaratherinformalmanner,,,suchasleasing,hiring,ormortgaging.[1]Thesetransfers,andtheassociatedcoordinationofinputsofvariousfactorsinproduction,arecostlyevents.[2],someownerswillseekcontractualarrangementswithothersinbiningresourcesforproduction.[3],definedhereasthecontributionbynatureorthestateoftheworldtothevariance（orstandarddeviation）oftheproductvalue.[4]Givenanonzerovariancefortheexpectedoutputyield（thetotalineforthecontractingparties）,,（whichmaynotbeattainableevenatinfinitelyhighcost）,bychoosinglessriskyoptionswheninvesting（whichoptionsincludeportfoliodiversification）,,becauseinstitutionalarrangementsdiffer,andbecausedifferentsetsofstipulationsrequirevaryingeffortsinenforcementandnegotiation.[5]

Letmeadvancethefollowinghypothesis:.