This study is directed toward developing procedures for identifying, measuring and appraising intratemporal dissociations between benefits and costs on rented farms. Development of these procedures is expected to provide further insight into the resource structure and operation of a firm in which multiple interests are present.

Recent studies appear to have achieved a satisfactory agreement in defining the functions of a lease, thus providing a common starting point for economic analysis.³ Chryst and Timmons have summarizd the purposes of farm rent:

1. It helps allocate resources among particular kinds and amounts of uses in the productive process.

2. It distributes returns between landlord and tenant from the joint use of their combined resources.

3. It helps to keep landlords and tenants working together as teams, which is necessary in the continued joint use of their combined resources.⁴