By clicking the "Accept" button or continuing to browse our site, you agree to first-party and session-only cookies being stored on your device to enhance site navigation and analyze site performance and traffic. For more information on our use of cookies, please see our Privacy Policy.
I study the long-run economic effects of land concentration on the American frontier.
Using quasi-random variation in initial land allocations from a checkerboard formula, I
analyze a large database of property assessments and find that historical concentration
reduced modern land values by 4.5% and fixed capital by 23%. Modern effect sizes are
23%—64% of their historical equivalents, indicating significant rates of both persistence
and convergence over the last 150 years. Using archival data on tenant contracts, I
argue that the low-powered incentives of share agreements discouraged investment by
large-scale owners with long-term effects.
