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1.
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   

2.
王鼎  郭鹏  郭宁  王景玫 《运筹与管理》2021,30(11):197-202
决策者的公平偏好对项目投资合作的形成和推进有重要影响。本文从创业企业和风险投资家的双重道德风险出发,选取Nash谈判解为公平偏好参照点,构建创业企业具有公平偏好的项目投资委托代理模型,研究委托方和代理方的能力存在互补效应的情形下,公平偏好对项目收益分配及双方努力水平的影响。结果表明:项目收益的最优分配比例和双方的最高努力水平均与创业企业的公平偏好程度相关。在互补效应存在时,双方的努力水平不会随收益分配比例的变化呈现单调变化趋势。如果双方的能力互补程度较小,具有公平偏好的创业企业会以Nash谈判解为自己的收益下限,风险投资家需要向其让渡更多的项目收益才能实现有效激励;如果双方的能力互补程度较大,创业企业会将Nash谈判解作为自己的收益上限,风险投资家即使不给予其大于Nash谈判解的收益也可实现有效激励。  相似文献   

3.
针对工程总承包中总承包商和分包商之间的双边道德风险问题,把公平偏好引入委托代理模型,研究总承包商对分包商的激励机制,分析公平偏好的影响效应.研究发现:公平偏好是决定产出分享系数和固定价格的重要因素,并会改变风险规避、努力贡献等对产出分享系数和努力水平等的影响,而风险规避和努力贡献也会改变公平偏好对产出共享系数和努力水平等的影响,三者之间具有交互影响效应.因此,总承包商应该充分考虑分包商的风险规避、公平偏好和努力贡献等三种属性,忽略其中任何一种因素都是不合理的.  相似文献   

4.
和征  张志钊  李勃 《运筹与管理》2020,29(9):232-239
在服务型制造企业开放式服务创新的过程中, 为了激励合作企业参与服务创新, 将公平理论引入到声誉激励机制设计中, 考虑合作企业的公平偏好程度、服务创新能力系数、知识转移能力系数、耐心系数等参数, 运用委托代理理论, 建立声誉激励模型, 并对模型进行求解和数值仿真, 得出相应的研究结论和管理启示。研究表明:当合作企业是风险规避的, 在完全信息情况下, 合作企业的公平偏好程度系数与声誉激励系数正相关;在不完全信息情况下, 合作企业的公平偏好程度系数对声誉激励系数的影响不显著;无论是否考虑合作企业的公平偏好, 合作企业的努力水平、服务创新能力系数、知识转移能力系数、耐心系数与声誉激励系数正相关;合作企业的努力成本系数、风险规避系数、产出分享系数、外部环境变量的方差与声誉激励系数负相关。  相似文献   

5.
在我国合同能源管理项目中,节能收益分享模式被广泛采用。通过构建“委托-代理”模型深入分析节能收益分享模式下的超额节能收益分配问题。研究发现:(1)无论是否出现超额节能收益,合同中用能方的节能收益分享比例不得超过50%;(2)在引入节能服务公司的努力成本系数且不考虑节能改造双方风险偏好的情况下(风险中性),当努力成本系数在特定的取值范围内,优化后的超额节能收益分配方式对节能服务公司更具激励作用;(3)考虑节能服务公司为风险规避时,其最优期望节能收益不但受其努力成本系数的影响,还受其风险规避程度以及节能收益期望方差的影响。  相似文献   

6.
针对供应链中存在公平偏好的问题,构建了一个供应商、两个零售商的两级供应链Stackelberg模型,采用参照点效应建立公平偏好效用函数,分析了两个零售商同时具有纵向公平偏好、零售商2具有纵向及横向公平偏好和零售商1具有纵向公平偏好时对供应链均衡结果的影响.研究表明:i)零售商的纵向公平偏好会提高其分享系数,降低供应商利润;ii)零售商的横向公平偏好会降低零售商的分享系数,提高供应商利润;iii)零售商2对零售商1的分享系数的先验预测方差会降低供应商利润.经数值分析验证,在供应商占主导地位的供应链中,供应商须充分考虑零售商的公平偏好特征,可通过管理手段提高其横向公平偏好、降低其纵向公平偏好及实现报价信息透明的方式提高自身利润.  相似文献   

7.
《大学数学》2016,(6):18-23
将公平偏好行为引入到闭环供应链中,将销售努力和回收努力分别引入到市场需求函数和回收函数中,构建了相应的定价决策模型,比较并分析了不同偏好主体下公平偏好系数对供应链决策变量和系统各利润的影响.分析得出,不同偏好主体下公平偏好系数对供应链定价策略和系统利润都有不同影响,公平偏好行为是供应链双方获取闭环供应连系统利润分配的一种有效手段.同时,这种公平偏好性可能会造成闭环供应连系统利润的损失和社会环保程度的降低,那么正确面对公平偏好变得尤为重要.最后以数值仿真分析了文中重要结论并给出相应的管理启示.  相似文献   

8.
本文在综合考虑社会资本风险偏好和公平偏好的基础上,构建了政府与社会资本之间的Stackelberg博弈模型,分析了社会资本风险偏好和公平偏好影响下PPP项目政府补偿机制的最优设计。研究表明:社会资本的最优投资水平随风险规避度的增高而降低,随公平偏好程度的增高而增高;政府补偿机制的最优设计应是在考虑单期风险及公平溢价成本的基础上,估计单期期望运营收益的高低,进而协调年建设成本补偿及运营期补偿系数两者的相对关系,设计最优的年建设成本补偿和运营期补偿系数。  相似文献   

9.
针对业主与多标段承包商群体的一对多结构,考虑业主如何通过收益共享合同对承包商群体进行激励以优化工程质量,构建了承包商个体具有公平偏好情境下的多阶段群体激励模型,通过计算实验方法探讨了不同收益共享系数下的激励效率及其演化.研究表明:基于业主角度,收益共享合同能够在一定程度上实现收益与质量的“双赢”;承包商个体的公平感知对激励绩效会产生负面影响;提高收益共享系数有利于提高激励效果的稳定性及工程质量;收益共享系数的确定需要遵循适度原则.  相似文献   

10.
在一市场需求随机且受零售商努力水平影响的二级供应链中,供应商向零售商提供商业信用,考虑零售商公平关切行为对供应链契约及协调性的影响.首先,分别给出集中决策和分散决策下的最优订购量和努力水平;其次,论证了批发契约无法实现供应链的协调,设计了收益共享与成本分担契约实现供应链协调.研究结果表明,收益共享与成本分担契约可实现供应链订购量与努力水平的协调,且随零售商公平关切系数的增加,零售商和供应商的谈判空间会缩小;供应商提供较长的信用期则有助于零售商提高订购量和增加努力水平,供应链成员的效用将提高.  相似文献   

11.
This paper first shows that when colleges' preferences are substitutable there does not exist any stable matching mechanism that makes truthful revelation of preferences a dominant strategy for every student. The paper introduces student types and captures colleges' preferences for affirmative action via type-specific quotas: A college always prefers a set of students that respects its type-specific quotas to another set that violates them. Then it shows that the student-applying deferred acceptance mechanism makes truthful revelation of preferences a dominant strategy for every student if each college's preferences satisfy responsiveness over acceptable sets of students that respect its type-specific quotas. These results have direct policy implications in several entry-level labor markets (Roth 1991). Furthermore, a fairness notion and the related incentive theory developed here is applied to controlled choice in the context of public school choice by Abdulkadiro?lu and Sönmez (2003).  相似文献   

12.
This paper unifies the classical theory of stochastic dominance and investor preferences with the recent literature on risk measures applied to the choice problem faced by investors. First, we summarize the main stochastic dominance rules used in the finance literature. Then we discuss the connection with the theory of integral stochastic orders and we introduce orderings consistent with investors' preferences. Thus, we classify them, distinguishing several categories of orderings associated with different classes of investors. Finally, we show how we can use risk measures and orderings consistent with some preferences to determine the investors' optimal choices.  相似文献   

13.
陈麒同  王沁 《经济数学》2020,37(3):74-77
基于百度指数所提供关键词搜索数据,构建百度看涨指数和百度看跌指数,形成了百度关注度.依据2017.2-2019.2的上证指数收益率数据,利用VEC模型和格兰杰因果检验,分析了百度关注度对股票收益率的影响.结果表明,投资者关注度是股票市场的格兰杰原因,百度看涨指数以0.4%的比例正面影响收益率,百度看跌指数以0.7%的比例负面影响收益率.而脉冲响应分析发现了投资者关注度对股票收益率的影响较持久,而后者对前者的波动十分敏感.最后,结合上述所得到的结论,基于投资者和监管者的立场分别给出了不同的有效建议.  相似文献   

14.
A discrete-time financial market model is considered with a sequence of investors whose preferences are described by concave strictly increasing functions defined on the whole real line. Under suitable conditions we prove that, whenever their absolute risk-aversion tends to infinity, the respective utility indifference prices of a given bounded contingent claim converge to the superreplication price. We also prove that there exists an accumulation point of the optimal strategies’ sequence which is a superhedging strategy.  相似文献   

15.
We consider individual's portfolio selection problems. Introducing the concept of ambiguity, we show the existence of portfolio inertia under the assumptions that decision maker's beliefs are captured by an inner measure, and that her preferences are represented by the Choquet integral with respect to the inner measure. Under the concept of ambiguity, it is considered that a σ-algebra or even an algebra is not necessarily an appropriate collection of events to which a decision maker assigns probabilities. Furthermore, we study the difference between ambiguity and uncertainty by considering investors' behavior.  相似文献   

16.
A discrete-time financial market model is considered with a sequence of investors whose preferences are described by concave strictly increasing functions defined on the positive axis. Under suitable conditions, we show that the utility indifference prices of a bounded contingent claim converge to its superreplication price when the investors’ absolute risk-aversion tends to infinity.  相似文献   

17.
We study rankings of completely and partially diversified portfolios and also of specialized assets when investors follow so-called Markowitz preferences. It turns out that diversification strategies for Markowitz investors are more complex than in the case of risk-averse and risk-inclined investors, whose investment strategies have been extensively investigated in the literature. In particular, we observe that for Markowitz investors, preferences toward risk vary depending on their sensitivities toward gains and losses. For example, it turns out that, unlike in the case of risk-averse and risk-inclined investors, Markowitz investors might prefer investing their entire wealth in just one asset. This finding helps us to better understand some financial anomalies and puzzles, such as the well known diversification puzzle, which notes that some investors tend to concentrate on investing in only a few assets instead of choosing the seemingly more attractive complete diversification.  相似文献   

18.
The aim of this letter is to apply the Lie group analysis method to the Fisher''s equation with time fractional order. We considered the symmetry analysis, explicit solutions to the time fractional Fisher''s(TFF) equations with Riemann-Liouville (R-L) derivative. The time fractional Fisher''s is reduced to respective nonlinear ordinary differential equation(ODE) of fractional order. We solve the reduced fractional ODE using an explicit power series method.  相似文献   

19.
Recent literature on optimal investment has stressed the difference between the impact of risk and the impact of ambiguity—also called Knightian uncertainty—on investors’ decisions. In this paper, we show that a decision maker’s attitude towards ambiguity is similarly crucial for investment decisions. We capture the investor’s individual ambiguity attitude by applying α-MEU preferences to a standard investment problem. We show that the presence of ambiguity often leads to an increase in the subjective project value, and entrepreneurs are more eager to invest. Thereby, our investment model helps to explain differences in investment behavior in situations which are objectively identical.  相似文献   

20.
This paper proposes a hedging-based utility risk measure (HBU) customized for individual investors requiring a comprehensive risk assessment for financial products. We show that HBU is a convex risk measure and if the utility has constant relative risk aversion, HBU is coherent. Roughly speaking, HBU is the opposite of a generalized utility indifference price and it depends on claimants' utility and hedging instruments accessible to them. We present HBU's qualities and provide two examples, explaining HBU's relevance.  相似文献   

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