DeWeaver, Mark; Roumasset, James - In: Economics Bulletin 15 (2002) 4, pp. 1-16
We show that Stiglitz's (1974) principal-agency theory of share tenancy does not imply, as alleged, that the optimal tenant share is less than one for risk-averse tenants nor that the share decreases monotonically with tenant risk aversion. Tenants may self insure by working harder increasingly...
