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1.
基于委托代理理论研究了阶梯激励合约下的代理人行为,并从委托人角度探讨了最优合约设计的问题。在一般市场需求分布和代理人效用函数下,代理人的效用可能是其努力水平的双峰函数,且存在一个阈值使得当合约绩效奖励超过该阈值时,代理人的努力水平“跳跃式”增加。通过比较阶梯激励合约与其他两类激励合约发现,当代理人是风险厌恶型且代理人的产出完全依赖于其努力水平,委托人总是更偏好阶梯激励合约。  相似文献   

2.
鲁桂华 《经济数学》2003,20(4):38-51
本文假设委托人或监督人能够以一定成本收集信息从而能依一定概率观察到影响委托人报酬的生产力水平 ,研究了存在信息传递成本的多委托人模型、零信息传递成本的多委托人模型和委托人 -监督人 -代理人模型 ,比较了不同的博弈规则或制度安排在均衡状态下的信息分布与经济体效率 .本文的研究结论表明 ,给定委托人或监督人的信息成本与信息处理能力 ,博弈规则是决定信息分布与经济体效率的关键因素 .存在信息传递成本时 ,由于坐便车行为 ,信息分布的不对称程度最为严重 ,也具有最低的效率 .零信息传递成本的多委托人模型中 ,信息不对称程度最弱 ,并且在很弱的条件下具有最高的效率 .委托人 -监督人 -代理人模型中 ,仅当监督人具有充分低的信息收集成本和充分高的信息处理能力时 ,才有可能具有较高的效率 .就本文的模型所支持的结论而言 ,国有企业的公司制改造 ,并降低资本市场传递与处理信息的成本 ,是更富于效率的一种制度安排 .相反 ,由于作为监督者的国有资产管理部门并不佣有产权 ,它没有足够的动机去认真履行监督职责 ,同时 ,诱导监督者其不与代理人串通作弊的成本之高昂 ,都将进一步降低这种制度安排下国有资产运营的效率 .  相似文献   

3.
罗琰  刘晓星 《经济数学》2013,(3):107-110
研究了委托人与代理人双边风险厌恶及存在监督情形下的委托-代理问题.结论表明非对称信息下最优风险分担系数是委托人风险厌恶程度的递增函数,是代理人风险厌恶程度的递减函数,代理人努力水平是其风险厌恶程度的递减函数.监督措施的存在提高了对代理人的激励强度.  相似文献   

4.
易文  徐渝  陈志刚 《运筹与管理》2007,16(4):19-22,38
技术创新的价值实现需要后续的商业化开发,市场需求不确定会影响商业化投资的价值评估,在企业商业化受到资金约束时如果进行资金筹集就会有一定困难,而合理设计的授权合约这时可以作为项目的融资途径之一。本文研究了企业的最优授权策略在无资金约束时和资金约束时的差异,试图通过技术授权合约的设计进行筹资,发现利用授权合约的预付金可以满足部分融资需要,但是使用授权合约融资的成本较高,影响融资额度的主要因素包括接受授权企业的研发成本、市场需求的预期、单位产品税的承诺等。  相似文献   

5.
郑钟 《数学之友》2022,(22):10-11
单元教学设计既突出了数学知识的整体性,又强调了不同部分之间的联系,使学生在单元学习中对所学知识结构有更深入的了解,对知识的应用也更灵活.UbD模式的单元教学设计可以鼓励学生积极参与知识的探索过程,帮助学生真正理解所学知识,提高学习效率.本文基于UbD理论,以一元二次方程为例,浅析初中数学单元设计的基本思路.  相似文献   

6.
针对废旧金属回收体系中的道德风险问题,以现金流量模型作为衡量主体收益的标准,在废旧金属回收体系激励合约设计中考虑博弈实验中证明的公平偏好因素,通过比较静态和算例分析证明了废旧金属回收中的公平偏好具有挤进效应和挤出效应——对代理商的努力水平存在挤出效应;对激励合约设计中的资质分配水平和分享系数存在挤进效应。公平偏好改变了废旧金属回收体系中代理商的最优努力水平和回收公司的最优资质分配水平以及最优分享系数,表明公平偏好可以作为废旧金属回收激励合约正式制度设计的补充。  相似文献   

7.
采用内部竞价的方法,对高校实验资产进行配置,通过机制的设计,在多方博弈的过程中,使讲真话是竞标者的最优策略,从而实现资源的最优配置,提高资源的使用效率,促进实验资源的良性发展,达到社会效益最大化.  相似文献   

8.
本文关注的是在标准差准则下如何进行再保险, 使得保险公司和再保险公司的风险波动达到最小. 在容许合约类范围内得到了建立最优再保险合约的充分条件. 如果再保险公司的风险小于一个给定阈值, 我们找到了使保险公司的风险最小的最优再保险合约. 在这里, 保险公司可以采取三种最一般且有效的风险措施.  相似文献   

9.
蒋耕田 《数学之友》2022,(18):15-18
数学是一门理论性、严谨性的学科,教师需要通过了解学生的个性发展和特点,抓住学生的兴趣和喜好,结合书本知识构建丰富多彩的教学课堂.比如教师可以借助电子信息技术应用于课堂,让学生在学习新知识的同时,也可以增长见识.另外,教师也可以采用翻转课堂的教学形式,锻炼学生自主学习能力进而提高教学效率.本文主要通过探讨多样的初中数学教学方法来达到使课堂“活”起来的目的.  相似文献   

10.
传统的委托代理模型存在激励的短期性与道德风险的单边性两方面的问题.通过引入解聘补偿机制,建立并分析了信息完全对称和不完全对称两种情况下的股权激励模型,研究了委托人解聘倾向对股权激励合同设计的影响机制.研究结果表明:在初始合同中引入解聘补偿,不仅可以有效缓解委托人的道德风险,而且可以进一步提升代理人的工作努力程度.  相似文献   

11.
何寿奎 《运筹与管理》2019,28(8):141-149
本文研究PPP项目价格形成机制、补偿机制及其社会效率。首先,分析了招投标制度下固定经营期PPP项目服务价格形成机制及其不足。其次,基于成本与运行绩效的PPP项目定价规制及可行性缺口补贴思想,建立模型分析实施机构可观察PPP项目服务成本时的定价水平和可行性缺口补贴标准;当实施机构无法准确掌握项目公司的运行成本时,通过制度设计诱导社会投资者上报真实的运行成本和运行绩效以获得最大净现值。分析表明,当PPP项目服务需求弹性较大同时有可行性缺口补贴政策时,政府进行价格规制时项目净现值高于不规制时的净现值。文章通过实例验证了成本信息是否可观察两种情形下PPP项目的服务价格水平、运行绩效、项目投资净现值及消费者剩余。为了避免PPP项目运行绩效下降和社会福利损失,政府应建立科学的监督激励机制,依据PPP项目服务成本与运行绩效的信息确定固定特许经营期下项目服务价格和可行性缺口补贴额度。  相似文献   

12.
将代理人的在职消费行为引入到动态多任务委托代理框架中,构造了代理人在职消费行为下的两阶段多任务模型,分析了代理人在职消费行为对动态多任务激励契约的影响.研究结果表明:一是任务为两阶段时,无论代理人有无在职消费行为,代理人的努力程度随着时间均呈上升趋势,这就表明当委托人在设计契约时,如果委托人期望代理人在第一阶段的努力水平不低于第二阶段的努力水平,就需要适当提高第一阶段的业绩薪酬系数;二是代理人在职消费自利行为并不一定会提高自身的努力程度,需要依据在职消费行为对绩效的影响情形来具体分析;三是在两阶段内,代理人存在在职消费时,委托人可适当降低业绩薪酬系数.  相似文献   

13.
There are two aspects to the process of price setting using sealed bids. The project owner is interested in deploying the contract mechanism that will secure reliable service at the cheapest cost. On the other hand, each contractor bidding for the project is interested in winning the contract but at a price that assures him a reasonable profit margin. We use a parsimonious stochastic model to compare and contrast some commonly used contracts from the point of view of the project owner. We show that if the bidders are risk neutral, a Fixed Price contract results in the smallest expected procurement cost for the project owner. We introduce and analyze Menu contracts and show that the expected price of a Menu contract lies in between the prices of the Fixed Price and Cost Plus contracts for the same project. We analyze how risk aversion and collusion, which we model using concepts of stochastic dependence, impacts the average winning bid price.  相似文献   

14.
Projects are often evaluated on financial performance. The net present value (NPV) has long been established as a highly relevant criterion in the management and control of projects. Research in this area has emphasised scheduling of activities in projects to maximise the contractor's NPV assuming that cash flows (both positive and negative) that occur over the duration of the project are known. In practice, however, the contractor usually knows the expenses associated with project activities. He can use this information combined with the knowledge of other project parameters such as activity durations to negotiate the payments received for completed work so that the project achieves the maximum level of financial returns. Extending previous research, this paper examines the problem of simultaneously determining the amount, location and timing of progress payments. We present several models and their solutions for an example problem. Based on the assumptions made, the models are applicable in different project environments. The problem and models presented here can be used by the contractor and client for managing cash flows, setting milestones, and negotiating critical contract parameters, in addition to identifying the location, timing, and amount of progress payments. They also contribute to the body of research on formulating and solving difficult combinatorial optimisation problems.  相似文献   

15.
This paper considers the auctioning of an indivisible project among several suppliers who hold private information about their own efficiency type. Both quality and price need to be determined. Different from scoring auctions, we present a new method, i.e., contingent payment auction mechanism (CPAM), which can effectively deal with the optimal procurement strategy in multidimensional procurement auctions. CPAM can implement the optimal mechanism for the buyer and is thus optimal among all possible procurement strategies. CPAM implies that the buyer should first design and announce a contingent payment function that specifies a payment for each possible quality level before the bidding begins. Compared to scoring auctions, CPAM has some advantages. It does not require a special form of scoring rule and can be generalized in a more broad auction formats. Furthermore, it can help us to solve the ex post moral hazard problem. We consider two kinds of CPAM. For the CPAM I is sensitive to different auction formats, we come up with CPAM II which can improve the performance of CPAM I. Broadly speaking, CPAM integrates the idea of dimension reduction from scoring auction into that of incentive contract design from contract theory to solve the problem of ex post moral hazard.  相似文献   

16.
Motivated by the collection outsourcing phenomena under Extended Producer Responsibility (EPR), this paper studies a contract design problem for a manufacturer who consigns the used product collection to a collector, while the manufacturer only has incomplete information on the collector's cost. On the basis of the incentive theory, optimal contracts are developed to minimize the cost and satisfy the collection constraints prescribed by EPR. Properties of the contract parameters are derived, and issues such as information rent and information value are also explored. The impacts of EPR are analysed by comparing whether or not EPR law is implemented, and more managerial insights are further obtained through numerical examples.  相似文献   

17.
The optimal contracts in portfolio delegation under general preferences are characterized when the underlying state variable is not contractible, and the principal must rely on the final returns of portfolios to design the compensation schemes for the fund manager. We show that the optimal contracts satisfy a second-order nonlinear ordinary differential equation that depends on the utility functions and the distribution of state price density. In general, there is an efficiency loss for the optimal contracts unless the utility functions of both the principal and the agent exhibit linear risk tolerance with identical cautiousness. Additional contractible observables, like stock indexes, can be used to improve the efficiency of the second-best contracts, even if they are not perfectly correlated with the underlying state price. A continuous-time example with power utilities is presented to illustrate the features of the optimal contracts.  相似文献   

18.
Within the class dominant strategy incentive compatible mechanisms, we show that there exists an optimal contracting mechanism for the principal for a version of the incomplete information principal-agent problem in which several agents compete for a contract and the principal selects an agent via a contract auction. In our auction model, we assume that the principal and the agents are risk averse, and we allow for uncountably many agent types. We also assume that the principal's probability measure over type profiles in such that correlation between agent's types is possible. Thus, we do not require that agents' types be independently distributed. Finally, we impose limited liability constraints upon the set of contracts. Due to the nature of the individual rationality and incentive compatibility constraints, the existence problem is nonstandard and novel existence arguments are required. We prove existence using a measurable selection result and a new notion of compactness called K-compactness.  相似文献   

19.
Estimation and optimization of machine efficiency in the case of multi machine assignments is a difficult issue for some industries such as textile industry, due to the machine interference. Although the problem is not new, the solutions proposed are not full satisfactory. For example, the analytical formulas are not suitable for high number of machines; queuing theory approaches are complex and impractical for mill managers. On the other hand, simulation methodology seems to be a perfect tool to estimate and analyze; however, the simulation package programs are expensive and are not suitable for systematic optimization. In this paper, Duncan's economic control chart design methodology is proposed as an alternative way for one of the oldest industrial problems. This study shows that this new approach is a more efficient solution to this stochastic problem. Copyright © 2009 John Wiley & Sons, Ltd.  相似文献   

20.
This paper features two main contributions. On the one hand, it gives an impressive survey on the progress on the diameter problem, including the breakthrough of the author with his disproof of the Hirsch conjecture among many other recent results. On the other hand, it features new results (exponential lower bounds) on the diameter of simplicial complexes and re-interprets the recent activities of the polymath 3 project that has been coordinated by Gil Kalai.  相似文献   

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