The Political Economy of Debt Bondage
研究了限制租约或债务合同中的奴役条款对借贷双方的影响，发现当借款人更富有或抵押品范围扩大时，限制奴役在政治和规范上更具吸引力。
What are the effects of restricting bonded labor clauses in tenancy or debt contracts? While such restrictions reduce agents' ability to credibly commit ex ante to repay principals in states where they default on their financial obligations, they also generate a pecuniary externality on other principal-agent pairs by reducing the equilibrium profit earned by principals. This turns out to imply that on both political and normative grounds, restrictions on bonded labor become more attractive when borrowers become wealthier or the range of collateral instruments widens.