This chapter focuses on the relation between property rights in land and resource allocation in agriculture. It discusses the impact of land rights on incentives, uncertainty, and the operation of credit markets. The chapter also briefly describes various kinds of property rights in land and the evolution of institutional arrangements to make them effective. A formal model derives the effect of increased property rights security on land values, the intensity of cultivation, and the use of credit. With increased security, land prices and agricultural productivity rise. The model clarifies the likely deviations between private and social assessments of the benefits of increased land rights security. -from Authors