The authors analyze the example of a landlord, a moneylender, and a tenant (the landlord having access to finance on the same terms as the money lender). It is natural to assume that the landlord has first claim on the tenant's output (as a rule, if they live in the same village, he may have some say in when the crop is harvested). The moneylender is more of an outsider, not well placed to exercise such a claim. A landless, asset-less tenant will...
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INFORMATION
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1999/06/30
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Document de travail de recherche sur les politiques
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WPS2134
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1
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1
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2010/07/01
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Interlinkage, limited liability, and strategic interaction
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participation constraint
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