On Moral Hazard and Cost Sharing under Sharecropping
证明,当佃农的投入不可观测时,若将标准模型扩展至农村市场不完善和交易关联的情形,边际成本分担(而非一次性转移)就会出现,因为投入的机会成本对地主和佃农不同。
Abstract In this article we show that when the tenant's input use is not observable by the landlord, there will be cost sharing at the margin (instead of a lump sum transfer) if the standard model is extended to include cases of imperfection and interlinkage of transactions in rural markets, thus making the opportunity cost of inputs different for the landlord and the tenant.