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Abstract

A farmer's choices of tenure and farm size result from a complex interplay of economic factors technology, entrepreneurial ability, and personal preferences. This paper examines the qualitative effects of these factors on tenure and farm size in a dynamic optimization framework. One implication of the theoretical model is that changes in technology should cause systematic differences to be observed between rates of return on farmland and rates earned on comparable long-term assets. This implication is supported by an empirical test.

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