The estimates of shadow value of land ([P.sup.S.sub.B]) for the NWSP, MIP, KIP, and KEIP are presented in Table 3 along with the corresponding market rental rates of land ([P.sub.B.sup.MR]), for the main-season (MS) and off-season (OS).
Since there have been no previous estimates of shadow values of land for the NWSP and the MIP, our results cannot be compared with findings of other studies.
Note that, with the exception of 1989-90, the shadow value of labour in the NWSP and the MIP is lower than the wage rates of unskilled (and/or electronics) labour.
Second, on average, 90 percent of the MIP and 35 percent of the NWSP planted areas were mechanically harvested as compared to 21 percent and 13 percent in the KIP and the KEIP, respectively.
From the estimated result of Equation (13), presented in Figures 1 and 2, we see that the SRRB > CBIR in NWSP. Hence, the owner-operators should have repossessed the farmlands which they had previously rented-out to other farmers.
As can be seen from Table 5, the NORM1 of the NWSP (main-season) is in most cases greater than unity.
The calculated results of NORM2 presented in Table 6 suggest the following: (i) except for a few observation years, NORM2 and the NWSP and the MIP are smaller than unity, suggesting that the owner-operators were adjusting their sources of income from farm profits to renting-out farmlands and/or income from off-farm employment.
While in the NWSP and the MIP farming areas the market rental rate of land was found to be larger than the shadow value, in the KEIP and the KIP farming areas the opposite pattern was observed.
However, with the exception of 1989-90, in the NWSP and the MIP the shadow value of labour was lower than the wages of unskilled and electronics workers.
In the MIP the shadow rental rate of land was smaller than the commercial bank interest rate, while the opposite was true in the NWSP. This implies that some owner-operators in the MIP would have quit working on farmlands, whereas those in the NWSP would have repossessed the farmlands which they previously rented-out.