: Agriculture: economics of contracts

economics of contracts

“Contract economics begins with the assumption that an economic entity known as "the principal" wants to contract with an "agent" to undertake some productive activity. In agriculture, one might take the principal to be an integrator, a processor, or some other firm that wants to purchase agricultural commodity with special quality characteristics so that the principal can produce high-quality retail food products. The agent might be a grower, an employee, or an intermediary that grows or purchases commodity on behalf of the principal. The rationale for contracting between a principal and an agent will vary greatly across firms, sectors, and industries.” (Source : INRA)
“The economics of contracts offers some general principles for understanding efficient risk sharing.” (Source : INRA)

http://opendata.inrae.fr/ASYSEL/17

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