作者 | 小田圭一郎(高级研究员) |
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发表日期/编号 | 2018年12月 18-J-033 |
下载/链接 |
概要
By extending the basic framework of Boyer and Laffont (1997) to an incomplete contracting model, where a bank with "lender liability" and a firm under an unlimited liability constraint play bargaining games in using option contracts, we show that environmental damages as externalities caused by the firm can be reduced to the socially desirable level through the provision of monitoring, insurance and credit by the bank interacting with the financial market.