The contract theory and industrialization in a traditional agricultural society - a case analysis with reference to india

Abstract
The drive for industrialization in India is not a recent move. The state governments are in competition among themselves to attract the industrialists for investments in their respective states. In this regard, the recent industrial endeavor in West Bengal has met with lot of trouble. The problem arose from the day when the state agency started with the land acquisition activity. Agricultural land was identified for the setting up of an industrial unit of a reputed industry group. Some of the land owners accepted the compensation package, which had been offered to them, while some others protested about the package and the acquisition. The present paper tries to analyze the situation through the formulation of a model of contract theory. The paper talks about the participation of the land owners and the acceptance of the compensation package by structuring suitable individual rationality constraint or participation constraint and incentive compatibility constraint. Lastly, the paper comes up with suggestive results for suitable compensation packages.
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