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Contracting in the wine supply chain with bilateral moral hazard, residual claimancy and multi-tasking

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  • Bodo Steiner

Abstract

This paper takes a quasi-case-study approach to stylised wine industry facts to assess predictions about the optimal sharing rule from a principal–agent model with residual claimancy. An optimal sharing contract is developed between a grape grower and a winery, when a risk-averse grower allocates efforts among multiple activities that differ in measurability, while double-sided moral hazard is assumed to be present. Several comparative static results regarding the Pareto optimal share are in line with certain production practices and properties of observed contracts that are found in markets where residual claimancy is used, namely in Australia, California, New Zealand and France. , Oxford University Press.

Suggested Citation

  • Bodo Steiner, 2012. "Contracting in the wine supply chain with bilateral moral hazard, residual claimancy and multi-tasking," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 39(3), pages 369-395, July.
    • Handle: RePEc:oup:erevae:v:39:y:2012:i:3:p:369-395
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    File URL: http://hdl.handle.net/10.1093/erae/jbr054
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    Cited by:

    1. Riekhof, Marie-Catherine, 2019. "The insurance premium in the interest rates of interlinked loans in a small-scale fishery," Environment and Development Economics, Cambridge University Press, vol. 24(1), pages 87-112, February.
    2. Steiner, Bodo E. & Lan, Kevin & Unterschultz, James R. & Boxall, Peter C. & Laate, Emmanuel & Yang, Danyi, 2012. "Producer preferences towards vertical coordination: The case of Canadian beef alliances," 123rd Seminar, February 23-24, 2012, Dublin, Ireland 122441, European Association of Agricultural Economists.
    3. Bodo E. Steiner, 2017. "A phenomenon-driven approach to the study of value creation and organizational design issues in agri-business value chains," Economia agro-alimentare, FrancoAngeli Editore, vol. 19(1), pages 89-118.
    4. Mitchell, Tara, 2022. "Paying for Unobservable Quality: Moral Hazard and the Challenges of Maintaining Quality along the Supply Chain," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 47(2), May.
    5. Iselborn, M. & Jungbluth, L. & Hanf, J.H., 2015. "Probleme des Qualitätsmanagements bei Winzergenossenschaften," Proceedings “Schriften der Gesellschaft für Wirtschafts- und Sozialwissenschaften des Landbaues e.V.”, German Association of Agricultural Economists (GEWISOLA), vol. 50, March.

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