麻省理工-發展經濟學講義(pdf 47)

1 Agriculture: The efficiency of land
use
The key assumptions of this model are:
The tenant has no wealth and cannot save. He does however
have an outside income of w, so that the least he can get paid
in any period is w. In other words, the landlord faces a limited
liability constraint.
The tenant’s effort choice e is non-contractible
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