Saito, Tetsuya (2005): Managerial Strategies of the Cotton South.
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Relative efficiencies of antebellum slave farms are suggested by many empirical studies. This paper considers a theoretical aspect of those results using a repeated principal-agent problem. Within its theoretical analysis, with relevance to profitability of slave farms, it will be shown that when inter-temporal punishments are necessary and when they can perform efficiently in production. Applying those theoretical results, some empirical studies on relative profitability and relative efficiencies are discussed. In the empirical study, relative efficiencies of each farm scale—free farms, task farms, and gang farms—are estimated region by region by a stochastic profit frontier model.
|Item Type:||MPRA Paper|
|Original Title:||Managerial Strategies of the Cotton South|
|Keywords:||Relative efficiency of antebellum slave farms; repeated principal-agent problem; profit maximizing contracts; stick and carrot on plantations|
|Subjects:||N - Economic History > N5 - Agriculture, Natural Resources, Environment, and Extractive Industries > N51 - U.S.; Canada: Pre-1913
C - Mathematical and Quantitative Methods > C7 - Game Theory and Bargaining Theory > C73 - Stochastic and Dynamic Games; Evolutionary Games; Repeated Games
J - Labor and Demographic Economics > J4 - Particular Labor Markets > J41 - Labor Contracts
C - Mathematical and Quantitative Methods > C7 - Game Theory and Bargaining Theory > C72 - Noncooperative Games
|Depositing User:||Tetsuya Saito|
|Date Deposited:||07. Oct 2006|
|Last Modified:||17. Feb 2013 20:56|
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