WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION

Journal of Economics & Finance (JEF)

JUNE 2013 VOL.1, No.4

Stphano zico EtoughFamElla (Corresponding author)

Tianjin University Liu Yuan D quDistrict Foreign Students Flats 92 Weijin Road, Nankai District,
Tianjin 300072 China Tianjin University, School of Management
Zhang Zaisheng
Tianjin University Liu Yuan D qu District Foreign Students Flats 92 Weijin Road, Nankai District,
Tianjin 300072 China Tianjin University, School of Management
Accepted 17 June 2013

17%

1972

1978
1981
1982
1981

96

WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION

m
(ii)
(iii)
(iv)
(v)
(v)

Q i =
qi =
.

i =

( i ) =

qi

b
b

Bi =
i = a c qi qi
a qi qi
0 ( a bqi )dqi =
2

M i = a c qi qi ( i )
2

a
c
qi qi ( i )

n
n

Max
Q
qi
+

i 1

i 1
i 1

(1 + r )

Q = qi
.

i 1

qif

Pif = a bqif

b
M f = aqif cqif qif2 f ( if )
2

f ( if )

97

WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION

a c qif qif f ( if )
n

Max
Q
qif
+

i 1

i 1
i 1

(1 + r )
n

V = E ( )

f
).
( f

b
M g = aqig cqig qig2
2

a c qig qig
n

Max
Q
qig
+

i 1

i 1
i 1

(1 + r )
n

E ( f ) E ( g )

,
( E ( g ))
g
,

Vg = E ( g )

).

g ( E ( )) f ( E ( ))
g

cqig cqif

( E ( g )) = f ( E ( f ))

. g
H ( E ( g ); E ( f ))

Mathias Lewatripont

E ( g )

E ( g )

f g [ E ( g )]

E ( g ); E ( g )

f f [ E ( f )]

E ( f ); E ( f ) E ( ) < E ( ) < E ( g ) < E ( f )

g
f

98

{Pr( ;
g

); H ( g ; f )

WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION

Pr( g ; f )

H ( g ; f )

( g ; f )

E ( )
f

Pr( E ( ))
=
g

Pr( E (

f (E ( ))dE ( )

); E ( f ))

E ( )

E ( )

( E ( ) )

H ( E (

); E ( f ))

E ( )

f ( E ( ) ) dE ( )
f

-
E ( f )

Pr E ( )
f

Pr( E (

); E ( f ))

E ( f )

H ( E (

E ( f )

( E ( ) )

f ( E ( ) ) dE ( )

f ( E ( ) ) dE ( )

); E ( f ))

E ( f )

{Pr(

;
g

); H (

U g ( E ( ))
g

E ( f )

H ( E (

); E ( f ))

f ( E ( ))dE ( ) E (
f

E ( ) Pr( E ( ))
f

( E (

E ( )

); E ( f ))

f ( E ( )) dE (
f

))

Pr( E (

); E ( f ))

f ( E ( ))dE ( )
g

[ E (

); E ( g )]

); E ( f )]

U f ( E ( )) 0

H ( E (

); E ( f ))

[ E (

f ( E ( ))dE (
g

U f ( E ( )) E ( ) Pr( ) ( )

); E ( f )]

U g ( E ( )) 0

99

U g ( E ( )) ( ) E ( ) Pr( )

[ E (

E ( g )

[ E (

E ( g )

E ( g )

Pr( E (

U f ( E ( ))

E ( f )

E ( g )

E ( f )

)
f

E ( f )

( ) E ( ) Pr( E ( ))

U g ( E=
( ))

=
U f ( E ( ))

;
g

); E ( g )]

WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION

- U g

( E ( )) 0

( E ( )) 0
f

E ( ) ;
g

Pr( ge ; ef )
,
=1
E (

( )) + U ( E ( ))
U g ( E=
f
g

E (
E (

) min

E (

{E (

); E (

E ( g )

) min

{E (

); E (

E ( g )

E (

f ( E ( )) + F ( E ( )) 1 f ( E ( g )) dE (
f
f
g
f

( E ( g )) f ( E ( g )) f ( E ( f )) dE (
E ( g ) fg ( E ( g )) + F
g
f

) dE (

) dE (

1 F ( E ( ))
f
))
E ( ) E ( ) E ( ) f ( E ( )) fg ( E ( )) ff ( E (
f

E ( f ) E ( g )

U g ( E ( )) + U f ( E (
g

F ( E (
g
E ( ) E ( ) E ( g ) + f ( E (
g

E ( f ) E ( g )

) dE ( ) dE (

)
f

)
f

f ( E ( )) f ( E (
)) g
f

) dE ( ) dE (

min

{E (

); E ( g )

f ( E ( g )) dE ( ) = F ( E ( g ))
g

E ( g )

min

{E (

); E ( g )

+
(
)
(
E
(
)
)
(
E
(
)
)
E

E ( ) F ( E ( ))
g
dE ( ) =
g
g
g
g
g

E ( g )

E ( g ) F ( E (

) = E ( f ) Fg ( E ( f ))

:
E ( f ) E ( g )

E ( f ) f ( E ( f )) + F ( E ( f )) 1 F ( E ( f )) dE ( f )
f
g
f

E ( ) E ( )

( E ( )) =
+ U ( E ( f ))
g

E ( f )

E ( f )

min E ( )
f

F g ( E (

); E ( g ) f ( E ( f ))dE ( f )

E ( )
f

100

F (E ( )) = 1
g

WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION

E ( f ) E ( g )

E ( f ) E ( g )

{E(

) F g ( E ( )); E ( g )
g

E ( g )

()

E ( f )

e
E ( f ) f ( E ( f )) F ( E ( f )) d f
f

E ( )

=
U ( E ( )) + U ( E ( ))
g

E ( f )

E ( f )

1 F ( E ( )) d e
f
(
)

E
(
)
dE ( f )

E
(
)
f
f

f
f
f

E ( )
E ( )
f

E ( f )

1 F ( E ( f )) d f
( E ( )) + U ( E ( f )) =

E ( f )

E ( f )

E ( f ) f ( E ( f )) E ( ) f ( E ( f )) dE ( f )
f

E ( )
f

E ( )
E ( )

)) =
1 F ( E ( f )) dE ( f ) + ( E ( ) E ( f )) f ( E ( f )) dE ( f )

E ( ) f

E ( )
f

U ( E ( )) + U ( E (
g

E ( f ) = E ( g )

),

E ( g )

( E ( )) + U ( E ( f ))
g

=
1 F ( E ( f )) dE ( f )
f

E ( f )

U ( E ( )) + U ( E (
g

)) 0

( E ( g ))
g

f ( E ( ))

101

WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION

28

H ( g ; f ) =

( E ( ))
f

( E ( )) ( E ( ))
f

g ( E ( )) + f ( E ( ))
g

E ( f ) H f ( E ( f ); E ( g )),. with....Pr( E ( f ); E ( g )) =
1
U f ( E ( f )) =
U f ( E ( f )) =0,......otherwise

( E ( ))
f

H g ( E ( f ); E ( g )) E ( g ),. with....Pr( E ( f ); E ( g )) =
1
U g ( E ( g )) =
U g ( E ( g )) =0,......otherwise

g (E ( ))
g

{ (E ( )); (E ( ))}
f

E ( f ) 0;1

f (E ( ))
f

E ( f ) + E[ g ( E (

(
)
E

max f
f

)) / E ( f ) g ( E ( g ))

E ( f ) + E g ( E ( g )) / E ( f ) g ( E ( g ))

f (E ( f ))

] Pr
{

g ( E ( ))}
g

E ( g ) 0;1 g (E ( g ))
,

E ( g ) + E f (E ( f )) / g (E ( g )) f

E ( g ) Pr{ g ( E ( g )) f }
max
2
g

E f ( E ( f )) / g ( E ( g )) f

g .
-

( E ( )); g ( E ( ))}
f

E ( f ) E ( g )

102

( E ( )); g ( E ( ))}
f

WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION

E f ( E ( f )) / E ( f ) g ( E ( g ))
max f +
E ( g ) Pr { f ( E ( f )) g }
Vg =

2
g

Vg max
=

3 g + a f + f

E ( g ) a f + f 3 g
2

E ( f ) + E g ( E ( g )) / E ( f ) g ( g )
max E ( f )
Vf =
Pr{ f g ( E ( g ))}

2
f

3 f + a g a

E
(
)
V f = max
f

4

f
f

dE ( g ) 1 a f + d f g g + a f + d f E ( g )
=
=

0
4
4
2
ddd
d g
f
f
f

and ,
dE ( f )
d f

=
g

3 f ag E ( f ) 3 f + ag
=

+

4
4 g
ddd
g
g

0
=

a +d f
2 e
g + f
3
3

and ,
=
f

a
2 e
f + g
3
3

g (=
E ( g ))

2
1
E ( g ) +
3
4

and ,

f (=
E ( f ))

2
1
E ( f ) +
3
12

1 2
1
2
E ( g ) + ; E ( f ) +
4 3
12
3

103

WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION

f ( E ( )) g ( E ( ))
f

E ( f ) E ( g ) +

1
4 .

( E ( g )) E ( g ) Pr( E ( g ))

U=
( E ( g ))
g

E ( f )

U g ( E ( g ))

E ( f )

H ( E (

); E ( f ))

E ( f )

f ( E ( f )) dE ( f ) E ( g )

Pr( E (

); E ( f ))

f ( E ( f )) dE ( f )
f

E ( f )

1 1

=
U g ( E ( g ))dE ( g )

H (

E ( g ); E ( f ))

E ( g ) Pr( E (

); E ( f ))

dE ( f ) dE ( g )

0 0

=
U f ( E ( f ))

E ( f ) Pr( E ( f ))

( E ( f ))
f

E ( g )

U f ( E ( f ))

E ( f )

E ( f )

Pr( E (

f ( E ( g ))dE ( g )

); E ( f ))

E ( g )

H ( E (

); E ( f ))

f ( E ( g ))dE ( g )
g

E ( f )

1 1

=
U f (E ( f ))dE ( f )

E ( f ) Pr( E ( g ); E ( f ))

E ( g ) dE ( g )

); E ( f ))

dE ( f ) dE ( g )

0 0

1
1

U (

H ( E (

1 1

+ U f ( E ( ))dE ( ) =
( E ( ) E ( ) ) Pr(E (
f

); E ( f ))dE ( f ) dE ( g )

0
0
0 0

1
1

max U g ( E ( ))dE ( ) + U ( E ( ))dE ( )

0

0
g

V = max ( E (

) E ( )
g

) Pr( E (

); E ( ))dE ( ) dE ( )
f

1 1

( 2 E (

) Pr( E ( ); E ( ))dE (

) 2 E ( g ) 1

) dE ( f )

0 0

104

WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION

g f

H ( E ( g ); E ( f )) =

f + g
2

g + f

(
)
E

f f ( f ) dE (
g
2

g
1

max
g

and ,
f

g + f

(
)
E

f g ( g ) dE ( )
f
0
f
2

H ( E ( ); E ( ))

max

f =g

1
g + f

max
max ( g E ( g ) ) f f ( f )dE ( f )
E ( g ) f f ( f )dE ( f ) =
g
g
2

g
g
1

and ,
f

g + f

max E ( f )
f
2
0

max ( E ( f ) f ) f g ( g )dE (
f g ( g )dE ( ) =
f

0
g

1 g + f

0 2 E ( g ) f f ( f )d f dg
g

fi (i )

1 g + f
11

=
E ( g ) f f ( g )d g Ff ( g )d g
2
g
2 g

1
1 Ff ( g )
E ( g ) ) f f ( g ) =
2

-
1 f

g + f

(
)

f
0 0
2

f
g + f

E ( f )
f g ( f )d g d f =
2

( E (

) f

)f

1
(
)

=
Fg ( f )
g
f
2
105

11

Fg ( f )d g + Fg ( f )d f
0 2 g

WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION

3
1 3
1

Ff ( g ) = Pr( f g ) = Pr E ( f ) g = g
2
8 2
8

dFf ( g )
3
'
= F=
( g ) f=
f ( g )
f
2
d g

Ff ( g )

f f ( g )

17 3 3
g = ( g E ( g ))
28 8 2

=
g

2
1
E ( g ) +
3
4

3
3 3
3

Fg ( f ) = Pr( g f ) = Pr E ( g ) f = f
2
8 2
8

dFg ( f )
3
'
= F=
( f ) f=
g ( f )
g
2
d f

Fg ( f )

f g ( f )

13
3 3
( f E ( f ))
f =
22
8 2

=
f

2
1
E ( f ) +
3
12

f g

f g = H (E ( ); E ( ))
.
g

E ( f ) E ( g ) +

1
E ( f ) H ( E (
4

); E ( f )) +

1
4

k
106

f g

WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION

f < g

k > H ( f ; g )

k < H ( f ; g )

k k

F (k ) f (k )

.1.
Prob {

chosen} = Prob {

k < H ( g ; f )

}=

F H ( g ; f )

Prob { g chosen} = Prob {

Prob {

k < H ( g ; f )

k > H ( g ; f )

} +

Prob {

f F H ( g ; f ) + g 1 F H ( g ; f )

} = 1-

F H ( g ; f )

k > H ( g ; f )

} =

( g ; *f )
*f

min f F H ( *g ; f ) + *g 1 F H ( *g ; f )
f

*
g

max *f F H ( g ; *f ) + g 1 F H ( g ; *f )

( *g *f )

( *g ; *f )

1
f H ( *g ; *f ) =
F H ( *g ; *f )
2

1
1 F H ( * ; * )
f H ( *g ; *f ) =
g
f

2
1
F H ( *g ; *f ) =
2

( *g *f )

,
:
*
*
=

g

1
=
f H ( ; )
*

f 1 H ( ; )
*

.2
m
2

107

WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION

f ( ) =
k

1
2
2 [ k m ]
2

1
2

H ( *g ; *f ) = m

=
*

1
=
f ( m)

2 2

*g H ( *g ; *f ) +
=

2
2
*f H ( *g ; *f )
=
2
2

H ( *g ; *f )

TOTAL 2002 2007
TOTAL
2002

7700 600
;
TOTAL 69 83

2008
TOTAL 10 30
30 TOTAL
20%

Robert Gibbons, ISBN: 0745011594, ISBN13: 9780745011592, 288 pages, paperback,

Pearson Higher Education in 1992, A Primer in Game Theory (Paperback)
Mathias Dewatripont, Patrick Bolton, (Hardcover, 2004), Contract Theory
Bernard Salani, second edition, ISBN-10: 0-262-19525-9, ISBN-13: 978-0-26219525-6,
March 2005, The Economics of Contracts: A Primer (Hardcover)
Myrick Freeman III, second edition RFF Press, November 1, 1993, The Measurement of
Environmental and Resource Values: Theory and Methods
N.V. Hritonenko, Yuri P. Yatsenko, Springer US (February 19, 2010), Mathematical Modeling in
Economics, Ecology and the Environment (APPLIED OPTIMIZATION Volume 34)
Tom TietenbergLynne Lewis, Addison Wesley; 8 edition (July 31, 2008), Environmental and Natural
Resource Economics
Drew Fudenberg, and Jean Tirole, ISBN-10:0-262-06141-4, ISBN-13: 978-0-262-06141-4, August 1991
108

WORLD ACADEMIC JOURNAL OF BUSINESS & APPLIED SCIENCES-MARCH-SEPTEMBER 2013 EDITION

604 pp., 139 illus Game Theory

RB Myerson, MA Satterthwaite - Journal of economic theory, 1983 Elsevier, Efficient mechanisms
for bilateral trading
R.G. Lipsey& Kelvin Lancaster, the Review of Economic Studies, Vol. 24, No. 1. (1956 - 1957), pp.
1132, The General Theory of Second Best
Nguyen ManhHunga, Jean-Christophe Poudoub, Optimal resource extraction contract with adverse
selection, Received 19 January 2005; revised 17 July 2006; accepted 19 July 2006. Available online 6
October 2006.
Myerson, R. (1981). Optimal auction design, Mathematics of Operations Research,
6(1), 58A
seminal paper, introduced revenue equivalence and optimal auctions
McAfee, R. P. and J. McMillan (1987), "Auctions and Bidding", Journal of Economic Literature 70847.
A survey.
Klemperer, P. (Ed.). (1999b). The economic theory of auctions. Edward Elgar. A collection of seminal
papers in auction theory.

109