0 a person who has the right to use something such as land, a building, or a piece of equipment, according to a lease (= legal agreement)
1 a person or organization that makes regular payments in order to use something that another person or organization owns:
Normally the right had originally been sold by the owner to the lessee when the land could not be sold freely due to entailment.
We use the concept of opportunity cost to compute the penalty to be imposed by the lessor on the lessee if land degradation is observed.
Specifically, we suggest that lessees are able to exert greater political pressure to receive lower rents when managers have more land to manage.
This early use generally denotes the recipient of a legal right: a grantee receives a grant, a lessee a lease.
In the event, land is leased out rather than sold, the lessor has full knowledge on the degradation activities of the lessee.
The final assumption adopted in this simulation is that lessors have full knowledge over land degradation activities of the lessees.
Upon receiving reports that the lessee had compromised safety standards, he insists on inspecting the pit himself.
However, the uncertainty of a long-term commitment may be a marginal deterrent, given that lessees may sublet the property.
