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Moral Hazard in Leasing Contracts: Evidence from the New York City Taxi Industry

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  • Henry Schneider

Abstract

In this study, I investigate the effects of moral hazard in leasing contracts by examining the driving outcomes of all long-term lessees and owner-operators of New York City taxis. I find that moral hazard explains a sizable fraction of lessees’ accidents, driving violations, and vehicle inspection failures. To address the possibility of endogenous contract choice, I conduct an instrumental variables analysis of the cross section of all drivers and a panel-data analysis of a subset of drivers who switched from leasing to owning.

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File URL: http://www.jstor.org/stable/pdfplus/10.1086/652423
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File URL: http://www.jstor.org/stable/full/10.1086/652423
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Bibliographic Info

Article provided by University of Chicago Press in its journal The Journal of Law and Economics.

Volume (Year): 53 (2010)
Issue (Month): 4 ()
Pages: 783 - 805

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Handle: RePEc:ucp:jlawec:doi:10.1086/652423

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Web page: http://www.journals.uchicago.edu/JLE/

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Cited by:
  1. Balafoutas, Loukas & Kerschbamer, Rudolf & Sutter, Matthias, 2013. "Second-Degree Moral Hazard in a Real-World Credence Goods Market," IZA Discussion Papers 7714, Institute for the Study of Labor (IZA).
  2. C. Kirabo Jackson & Henry S. Schneider, 2011. "Do Social Connections Reduce Moral Hazard? Evidence from the New York City Taxi Industry," American Economic Journal: Applied Economics, American Economic Association, vol. 3(3), pages 244-67, July.
  3. C. Kirabo Jackson & Henry S. Schneider, 2013. "Reducing Moral Hazard in Employment Relationships: Experimental Evidence on Managerial Control and Performance Pay," NBER Working Papers 19645, National Bureau of Economic Research, Inc.
  4. Diao, Xinshen & Cossar, Frances & Houssou, Nazaire & Kolavalli, Shashidhara & Jimah, Kipo & Aboagye, Patrick, 2012. "Mechanization in Ghana: Searching for sustainable service supply models:," IFPRI discussion papers 1237, International Food Policy Research Institute (IFPRI).

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