| تعداد نشریات | 24 |
| تعداد شمارهها | 881 |
| تعداد مقالات | 7,867 |
| تعداد مشاهده مقاله | 14,699,808 |
| تعداد دریافت فایل اصل مقاله | 12,550,015 |
Modelling and Experimental Testing of Asymmetric Information Problems in Lease and Hire Contracts (Based on Contract Theory) | ||
| Iranian Journal of Economic Studies | ||
| مقاله 5، دوره 6، شماره 1 - شماره پیاپی 11، شهریور 2017، صفحه 65-86 اصل مقاله (741.04 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22099/ijes.2018.21842.1256 | ||
| نویسندگان | ||
| Morteza Derakhshan* 1؛ MirHadi Hosseini Kondelaji2 | ||
| 1Department of Economics, University of Isfahan, Isfahan, Iran. | ||
| 2Department of Economics, Arak University, Arak, Iran. | ||
| چکیده | ||
| This article aims to study lease and hiring contract in the Iranian-Islamic setting and analyze the asymmetric information problem in these contracts. For doing this, we study the characteristics of lease and hiring contracts in Iran (real world experimental characteristics that recognized in other studies), using library method, then we mathematically model different aspects of asymmetric information (hidden information and hidden action) using contract theory. The result of model indicates that there is a list of optimal contracts in any lease or hiring transactions that can solve asymmetric information problems (adverse selection and moral hazard) by satisfying the participation and incentive compatibility constraints. Finally in the experimental analyses we calculate the optimal contract with hypothetical parameters using lingo software and illustrate that the main models provided for every transactions is solvable and the optimal contracts are obtainable. Experimental contracts shows that the lessor has to set security deposits of tenant type θL lower than tenant type θH and set higher monthly rent for him in lease contracts, and principal has to set wage of tenant type θL lower than tenant type θH and set higher length of contract for him in hiring contracts to solve asymmetric information problems. | ||
| کلیدواژهها | ||
| Lease؛ Hire contract؛ Contract theory؛ Asymmetric information | ||
| مراجع | ||
|
References
Akerlof, G.A. (1970). The market for "lemons": Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 235-251. Benjamin, J. D., Lusht, K. M., & Shilling, J. D. (1998). What do rental contracts reveal about adverse selection and moral hazard in rental housing markets? Real Estate Economics, 26(2), 309-329. Bolton, P., & and Dewatripont, M. (2005). Contract Theory, Cambridge and London: MIT University Press. Borgers, T., Krahmer, D., & Strausz, R. (2015). An Introduction to the Theory of Mechanism Design. Oxford University Press, USA. Brousseau, E., Glachant J. M. (2002). The Economics of Contracts: Theory and Applications, Cambridge: Cambridge University Press. Johnson, J. P., & Waldman, M. (2003). Leasing, lemons, and buybacks. The RAND Journal of Economics, 247-265.
Johnson, J. P., & Waldman, M. (2010). Leasing, lemons, and moral hazard. Journal of Law and Economics, 53(2), 307-328.
Laffont J. J., & Martimort, D. (2001). The Theory of Incentives: The Principal-Agent Model, New Jersey: Princeton University Press. Rasmusen, E. (2006). Game & Information: An Introduction to Game Theory, New Jersey: John Wiley & Sons.
Robberstad, B. (2005). Estimation of private and social time preferences for health in northern Tanzania. Social science & medicine, 61(7), 1597-1607.
Salanié, B. (2005). The Economics of Contracts: A Primer. MIT Press. Shavell, S. (1979). On moral hazard & insurance. In Foundations of Insurance Economics pp. 280-301.
Stiglitz, J. E. (2006). Stability with growth: Macroeconomics, Liberalization and Development. Oxford University Press. | ||
|
آمار تعداد مشاهده مقاله: 1,094 تعداد دریافت فایل اصل مقاله: 1,029 |
||