Incentive-Driven Information Sharing in Leasing Based on a Consortium Blockchain and Evolutionary Game
Blockchain technology (BCT) provides a new way to mitigate the default risks of lease contracts resulting from the information asymmetry in leasing. The conceptual architecture of a consortium blockchain-based leasing platform (CBLP) is first proposed to facilitate information sharing between small...
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| Format: | Article |
| Language: | English |
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MDPI AG
2023-01-01
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| Series: | Journal of Theoretical and Applied Electronic Commerce Research |
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| Online Access: | https://www.mdpi.com/0718-1876/18/1/12 |
| _version_ | 1827749162632871936 |
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| author | Hanlei Cheng Jian Li Jing Lu Sio-Long Lo Zhiyu Xiang |
| author_facet | Hanlei Cheng Jian Li Jing Lu Sio-Long Lo Zhiyu Xiang |
| author_sort | Hanlei Cheng |
| collection | DOAJ |
| description | Blockchain technology (BCT) provides a new way to mitigate the default risks of lease contracts resulting from the information asymmetry in leasing. The conceptual architecture of a consortium blockchain-based leasing platform (CBLP) is first proposed to facilitate information sharing between small and medium-sized enterprises (SMEs, the “lessees”) and leasing firms (LFs, the “lessors”). Then, based on evolutionary game theory (EGT), this study builds a two-party game model and analyzes the influences of four types of factors (i.e., information sharing, credit, incentive–penalty, and risk) on SMEs’ contract compliance or default behaviors with/without blockchain empowerment. The primary findings of this study are as follows: (1) SMEs and LFs eventually evolve to implement the ideal “win–win” strategies of complying with the contract and adopting BCT. (2) The large residual value of the leased asset can tempt SMEs to conduct a default action of unauthorized asset disposal, while leading LFs to access the CBLP to utilize information shared on-chain. (3) When the maintenance service is outsourced instead of being provided by lessors, the maintenance fee is not a core determinant affecting the equilibrium state. (4) There is a critical value concerning the default penalty on-chain to incentivize the involved parties to keep their commitments. (5) The capability of utilizing information, storage overhead, and security risk should all be taken into consideration when deciding on the optimal strategies for SMEs and LFs. This study provides comprehensive insights for designing an incentive mechanism to encourage lessees and lessors to cooperatively construct a sustainable and trustworthy leasing environment. |
| first_indexed | 2024-03-11T06:18:59Z |
| format | Article |
| id | doaj.art-3514ab951a2f45ce91ad4e8da9bc3e7a |
| institution | Directory Open Access Journal |
| issn | 0718-1876 |
| language | English |
| last_indexed | 2024-03-11T06:18:59Z |
| publishDate | 2023-01-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Journal of Theoretical and Applied Electronic Commerce Research |
| spelling | doaj.art-3514ab951a2f45ce91ad4e8da9bc3e7a2023-11-17T12:04:31ZengMDPI AGJournal of Theoretical and Applied Electronic Commerce Research0718-18762023-01-0118120623610.3390/jtaer18010012Incentive-Driven Information Sharing in Leasing Based on a Consortium Blockchain and Evolutionary GameHanlei Cheng0Jian Li1Jing Lu2Sio-Long Lo3Zhiyu Xiang4Faculty of Innovation Engineering, Macau University of Science and Technology, Macau 999078, ChinaFaculty of Innovation Engineering, Macau University of Science and Technology, Macau 999078, ChinaDepartment of Computer Science and Technology, Hubei University of Education, Wuhan 430205, ChinaFaculty of Innovation Engineering, Macau University of Science and Technology, Macau 999078, ChinaBlockchain Laboratory, YGSoft Incorporation, Zhuhai 519085, ChinaBlockchain technology (BCT) provides a new way to mitigate the default risks of lease contracts resulting from the information asymmetry in leasing. The conceptual architecture of a consortium blockchain-based leasing platform (CBLP) is first proposed to facilitate information sharing between small and medium-sized enterprises (SMEs, the “lessees”) and leasing firms (LFs, the “lessors”). Then, based on evolutionary game theory (EGT), this study builds a two-party game model and analyzes the influences of four types of factors (i.e., information sharing, credit, incentive–penalty, and risk) on SMEs’ contract compliance or default behaviors with/without blockchain empowerment. The primary findings of this study are as follows: (1) SMEs and LFs eventually evolve to implement the ideal “win–win” strategies of complying with the contract and adopting BCT. (2) The large residual value of the leased asset can tempt SMEs to conduct a default action of unauthorized asset disposal, while leading LFs to access the CBLP to utilize information shared on-chain. (3) When the maintenance service is outsourced instead of being provided by lessors, the maintenance fee is not a core determinant affecting the equilibrium state. (4) There is a critical value concerning the default penalty on-chain to incentivize the involved parties to keep their commitments. (5) The capability of utilizing information, storage overhead, and security risk should all be taken into consideration when deciding on the optimal strategies for SMEs and LFs. This study provides comprehensive insights for designing an incentive mechanism to encourage lessees and lessors to cooperatively construct a sustainable and trustworthy leasing environment.https://www.mdpi.com/0718-1876/18/1/12small and medium-sized enterprisesleasingblockchain technologyevolutionary game theoryinformation sharing |
| spellingShingle | Hanlei Cheng Jian Li Jing Lu Sio-Long Lo Zhiyu Xiang Incentive-Driven Information Sharing in Leasing Based on a Consortium Blockchain and Evolutionary Game Journal of Theoretical and Applied Electronic Commerce Research small and medium-sized enterprises leasing blockchain technology evolutionary game theory information sharing |
| title | Incentive-Driven Information Sharing in Leasing Based on a Consortium Blockchain and Evolutionary Game |
| title_full | Incentive-Driven Information Sharing in Leasing Based on a Consortium Blockchain and Evolutionary Game |
| title_fullStr | Incentive-Driven Information Sharing in Leasing Based on a Consortium Blockchain and Evolutionary Game |
| title_full_unstemmed | Incentive-Driven Information Sharing in Leasing Based on a Consortium Blockchain and Evolutionary Game |
| title_short | Incentive-Driven Information Sharing in Leasing Based on a Consortium Blockchain and Evolutionary Game |
| title_sort | incentive driven information sharing in leasing based on a consortium blockchain and evolutionary game |
| topic | small and medium-sized enterprises leasing blockchain technology evolutionary game theory information sharing |
| url | https://www.mdpi.com/0718-1876/18/1/12 |
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