@article{Cramb:59072,
      recid = {59072},
      author = {Cramb, Rob A. and Ferraro, Deanna},
      title = {Custom and Capital: A Financial Appraisal of Alternative  Arrangements for Large-Scale Oil Palm Development on  Customary Land in Sarawak, Malaysia},
      address = {2010},
      number = {421-2016-26802},
      pages = {23},
      year = {2010},
      abstract = {The oil palm boom in Southeast Asia has increased demand  for institutional arrangements facilitating large-scale  plantation development on customary lands. A financial  model of an oil palm plantation in Sarawak, Malaysia, is  used to explore six project types, including managed  smallholders, three different joint-venture arrangements,  renting, and (for comparison) a private plantation on state  land. Benefit-cost analysis is used as basis for project,  private (shareholder), and stakeholder analyses. There is a  trade-off between the efficiency and equity outcomes of the  alternative arrangements. While joint venture projects  provide higher aggregate net benefits, managed smallholder  projects provide more benefits to landholders. When the  actual performance of the alternative schemes is taken into  account, the managed smallholder approach is superior on  both efficiency and equity grounds. The joint venture  approach could be improved by combining a fixed rent with a  share of dividends to reduce the income risk faced by  landholders. In all cases, improved management is needed  for the schemes to achieve their developmental potential.},
      url = {http://ageconsearch.umn.edu/record/59072},
      doi = {https://doi.org/10.22004/ag.econ.59072},
}