Inadditiontothelackoffullerinformationondatapilationbywhichtheexceptionsand"erratic"differencesmaybeexplained,naturalreasonsareimportant.Iffixedandsharerentsaretobepared,theymustbeexpressedinthesamedimensions,eitherbothinfixedvaluesorbothinpercentagevalues.However,sharerentscalculatedandexpressedintermsoffixed(monetary)values(asintable10)willexhibitlowerabsoluterentswithabadharvest,andtheconversewithagoodharvest.Ontheotherhand,fixed(crop)rentsexpressedinpercentagevalueswillexhibithigherpercentageshareswithabadharvest,andtheconversewithagoodharvest.Onlyinanormalyear,ceterisparibus,cantheriskpremiumsforsharerentsbeaccuratelyrevealed.Atanyrate,theimplicationofthetax-equivalentapproach,thattherentalreceiptunderasharecontractisnecessarilylowerthanthatunderafixed-rentcontract,isrefutedbyevidence.
Itishopedthattheriskpremiumsofdifferentcontractualarrangementswillbeinvestigatedfurther.
[1].SeeLegislativeYuan,StatisticalMonthly2.5(1930).
[2].DepartmentofInternalAffairs,PublicReportsofInternalAffairs2;vols.1and2(1932).SeealsoLegislativeYuan,StatisticalMonthly,2.5(1930).
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