behavior in the car market. We show that a social planner can use leasing contracts to improve welfare but they are imperfect … tools; they cannot generally achieve first best while other mechanisms can. We also show that a producer with market power … can benefit from leasing contracts for two reasons: better pricing of the option of keeping the used good, and market …

behavior in the car market. We show that a social planner can use leasing contracts to improve welfare but they are imperfect … tools; they cannot generally achieve first best while other mechanisms can. We also show that a producer with market power … can benefit from leasing contracts for two reasons: better pricing of the option of keeping the used good, and market …

market. Consistent with the data, our model predicts that leased cars have a higher turnover and that off-lease used cars are … that a producer with market power can benefit from leasing contracts for two reasons: market segmentation and better …

competition. I show that with asymmetric costs, bank market shares are always inversely related to their efficiency, and that bank …