英文文献:Making a market for Miscanthus: Can new contract designs solve the biofuel investment hold-up problem?-为芒草开拓市场:新的合同设计能解决生物燃料投资受阻的问题吗?我们提出了最佳合同设计,以解决生物燃料行业多年生作物的投资停滞问题
英文文献作者:Wu, Steven Y.,Rosch, Stephanie D.,Alexander, Corinne E.,Tyner, Wallace E.,Yoder, Joshua
英文文献摘要:
We present designs for optimal contracts to solve the investment hold-up problem for perennial crops for the biofuel industry. A fixed-price contract is ex-ante efficient but renegotiation-proof for a limited range of discount parameters. A perfectly- indexed contract is both renegotiation-proof and ex-post efficient. Provided long-run land prices are stationary, the expected cost for both contracts converges to the long-run expected price of land for a risk-neutral farmer.
一个固定价格的合同在事前是有效的,但在一定的折扣参数范围内是重新谈判的证明。一个完全指数化的合同既能证明再谈判,又能证明事后有效。如果长期的土地价格是稳定的,那么对于风险中性的农民来说,两份合同的预期成本将收敛于长期的土地预期价格。