No Lease is Short Enough to Solve the Time Inconsistency Problem
研究了耐用品垄断者如何内生决定租约期限，发现需要无限多次租约才能完全解决时间不一致问题，因此租赁并非实用解决方案。
The author provides a model of endogenous lease duration determination in the context of the durable goods monopolist problem. He shows that infinitely many leases (per finite unit of time) are required to solve completely the time inconsistency problem, thus suggesting that leasing may not provide a practical solution. The author also provides a warning regarding the results that can be derived by exogenously setting lease durations equal to 'one period' by resolving a paradoxical result in the literature. Copyright 1994 by Blackwell Publishing Ltd.