뗚8뻭뗚2웚뺭볃톧(벾뾯)Vol18,No122009쓪1퓂ChinaEconomicQuarterlyJanuary,2009췸싧췢늿탔폫늹뎥벤샸쿂뗄럇쿟탔뚨볛쏏듳컄ꆡ쳯맺잿3햪ꆡ튪ꆡ놾컄릹붨쇋튻룶튻냣탔쒣탍폃틔쮵쏷퓚럇뛔돆탅쾢폫췸싧췢늿탔늢듦쪱,슢뛏뎧짌죧뫎짨볆럇쿟탔볛룱뫏풼헧뇰늻춬샠탍뗄쿻럑헟ꆣ쒣탍뇭쏷솽헟뗄늢듦탞헽쇋뺭뗤쓦쿲톡퓱쒣탍훐ꆰ뚥늿컞얤쟺ꆱ뫍ꆰ떥쿲얤쟺ꆱ뗄믹놾뷡싛ꆣ뻟쳥뗄쿻럑솿얤쟺랽쪽좡뻶폚췸싧쫇럱듦퓚펵벷:뛔폚럇펵벷탔췸싧,쿻럑솿뇭쿖캪떥쿲얤쟺;뛔폚펵벷탔췸싧,뇭쿖캪쮫쿲얤쟺;뛸뛔폚훐탔췸싧퓲죔캪뚥늿컞얤쟺ꆣ듋췢,놾컄뮹럖컶쇋틽웰쮫쿲얤쟺뗄쇭튻훖풭틲,벴평샠탍틀삵뗄놣쇴킧폃틽웰뗄늹뎥벤샸컊쳢ꆣꆡꆡ맘볼듊ꆡ럇쿟탔뚨볛,췸싧췢늿탔,늹뎥벤샸,뷸죫ퟨ낭튻ꆢ틽ꆡꆡ퇔퓚뺭뗤쓦쿲톡퓱쒣탍훐,솽쳵믹놾뗄맦싉쫇ꆰ뚥늿컞얤쟺ꆱ뫍ꆰ떥쿲얤쟺ꆱ,벴퓚럇뛔돆탅쾢쿂,뛔폚ퟮ폐킧뗄듺샭죋,웤엤훃폫췪좫탅쾢쿂뗄ퟮ폅쟩탎컞틬,뛸웤쯻샠탍듺샭죋뗄엤훃뚼믡랢짺춬랽쿲뗄얤쟺ꆣ듋맦퓲캪탭뛠뺭뗤컄쿗쯹횧돖,죧MaskinandRiley(1984)ꆢBaronandMyerson(1982)ꆢMussaandRosen(1978)ꆢMyerson(1981)뗈ꆣ떫퓚솽샠쟩탎쿂헢튻맦싉늢늻돉솢:튻쫇돶쿖췢늿탔(externalities)쪱,뛾쫇듺샭죋쏦쇙늹뎥벤샸(countervailingincentives)쪱ꆣ놾컄훐,컒쏇붫쳖싛헢솽샠쿖쿳뛔슢뛏뎧짌뗄럇쿟탔뚨볛닟싔뗄펰쿬ꆣ췢늿탔쫇횸튻룶뺭볃룶쳥뗄뢣샻믲짺닺뿉쓜탔틀삵폚쇭튻킩뺭볃룶쳥뗄믮뚯ꆣ퓚쿻럑쇬폲훐,췢늿탔뇭쿖캪쒳룶쿻럑헟뗄뢣샻쫜웤쯻죋쿻럑탐캪뗄펰쿬ꆣ뇈죧쒳죋솼뫃뗄탐캪쾰맟캪쯻죋듸살뗄폤퓃뫍싺ퟣ,믲틲뛔쯻죋쿻럑탐캪뗄벵뛊뛸닺짺뗄ퟔ짭뢣샻쮮욽쿂붵ꆣ퓚쯹폐쿻럑췢늿탔훐,췸싧췢늿탔(net23쏏듳컄,짏몣뛔췢쎳틗톧풺맺볊뺭쎳퇐뺿쯹ꆣ쳯맺잿,뗃뿋죸쮹얩릤듳톧뺭볃쾵,짏몣닆뺭듳톧뺭볃톧풺ꆣ춨탅ퟷ헟벰뗘횷:쏏듳컄,짏몣쫐쯉붭쟸컄쿨슷1900뫅,짏몣뛔췢쎳틗톧풺톧풺슥B409,201620;E2mail:devinmeng@ꆣퟷ헟훔탄룐킻뗂훝얩릤듳톧쮽펪웳튵퇐뺿훐탄,맺볒ퟔ좻뿆톧믹뷰(NS2FC270773073)틔벰짏몣쫐톡냎엠퇸룟킣폅탣쟠쓪뷌쪦쿮믹뷰쿮쒿(06SYQ33)뗄뺭럑횧돖ꆣ놾컄퓸죫톡뗚웟뷬훐맺뺭볃톧쓪믡,ퟷ헟룐킻낮뫉뮪훝솢듳톧췵돏뷌쫚ꆢ짏몣닆뺭듳톧쯯쓾뷌쫚ꆢ횣뇸폂늩쪿ꆢ훓뫨뻻늩쪿ꆢ헔즽늩쪿ꆢ훜쿾늩쪿뗈뗄폐틦움싛,춬쪱룐킻쓤쏻짳룥죋뗄탞룄틢볻,떱좻컄퓰ퟔ뢺ꆣ
ꆡ636뺭볃톧(벾뾯)뗚8뻭workexternalities)쫇뇈뷏뗤탍뗄튻훖ꆣ떱튻훖닺욷뛔쪹폃헟뗄볛횵쯦ퟅ쿠춬닺욷믲뿉볦죝닺욷뗄ퟜ쿻럑솿뇤뮯뛸뇤뮯쪱,뻍믡돶쿖췸싧췢늿탔ꆣퟮ뗤탍뗄샽ퟓ폐뗧뮰ꆢ뒫헦믺ꆢ뗧ퟓ폊볾ꆢ뮥솪췸ꆢ췸싧폎쾷뗈탅쾢닺욷ꆣ듳뛠쫽맘폚캯췐2듺샭쒣탍훐쿻럑췢늿탔뗄퇐뺿뗃돶뗄뷡싛쫇:ꆰ뚥늿컞얤쟺ꆱ뷡싛늻퓙돉솢,떫듎폅쿻럑솿죔좻돊쿖돶떥쿲얤쟺(one2waydistor2tion)벴냼삨욫뫃ퟮ잿샠탍퓚쓚뗄쯹폐쿻럑헟뗄쿻럑솿뚼뗍폚ퟮ폅쮮욽ꆣHahn(2003)붨솢쇋튻룶맘폚춨탅췸싧뗄럇쿟탔뚨볛쒣탍,럖컶쇋췸싧훐뗄뫴뷐췢늿탔1(callexternalities)뛔뚨볛랽쪽뗄펰쿬,뗃돶뷡싛:퓚듎폅뷡맻훐쯹폐샠탍쿻럑헟뗄쿻럑솿뚼퇏룱뗍폚ퟮ폅쮮욽ꆣSegal(1999,2003)퓚튻룶뛠뇟붻틗쒣탍훐틽죫쇋췢늿탔,횤쏷쇋퓚헽췢늿탔쿂쯹폐쿻럑헟뗄쿻럑솿뚼뗍폚짧믡ퟮ폅쮮욽,늢쟒횸돶쿻럑헟횮볤뗄닟싔뮥늹탔쫇떼훂헢훖떥쿲얤쟺뗄훷튪풭틲ꆣ퓚Segal(1999,2003)훐,쿻럑헟놻죏캪쫇춬훊뗄2,듋췢,짧믡ퟜ뢣샻(캯췐죋뫍듺샭죋뗄뢣샻횮뫍)뷶좡뻶폚ퟜ쿻럑솿,뛸폫웤퓚쿻럑헟횮볤뗄럖엤컞맘ꆣCsorba(2008)럖컶쇋럇쿟탔뚨볛훐뗄췸싧췢늿탔컊쳢,쯻럅쯉쇋Segal(1999,2003)뗄솽뗣볙짨,틽죫쇋쿻럑헟뗄욫뫃닮틬,퓚닟싔뮥늹탔볙짨쿂,웤뷡싛죔좻쫇쯹폐샠탍쿻럑헟뗄쿻럑솿뚼믡랢짺쿲쿂뗄얤쟺ꆣ뛔ꆰ뚥늿컞얤쟺ꆱ뫍ꆰ떥쿲얤쟺ꆱ맦싉뗄쇭튻훖탞헽돶쿖퓚늹뎥벤샸쟩탎훐ꆣ떱쏦뛔튻룶췢늿뺺헹탔쫐뎡쪱,쿻럑헟뿉틔톡퓱죆맽쿖폐쿻럑췸싧뛸릺싲췢늿뺺헹헟쯹쳡릩뗄닺욷믲럾컱,헢쪹쿻럑헟뻟폐샠탍틀삵뗄놣쇴킧폃ꆣ떱늻춬샠탍듺샭죋횮볤뗄놣쇴킧폃횮닮룟떽튻뚨돌뛈쪱,뻍믡쪹뗍킧듺샭죋닺짺쒣럂룟킧듺샭죋뗄벤샸,듓뛸틽웰늹뎥벤샸컊쳢ꆣ떱듺샭죋뗄놣쇴킧폃틀삵폚웤ꆰ샠탍ꆱ쪱,늻춬폚뇪ힼ쓦쿲톡퓱쒣탍,뗍킧듺샭죋믡닺짺쒣럂룟킧듺샭죋뗄벤샸,쯹틔캯췐죋뇘탫뾼싇쿲짏좡뷴뗄벤샸쿠죝풼쫸,헢놻돆캪ꆰ늹뎥벤샸ꆱ(countervailingincentives)ꆣLewisandSappington(1989)ퟮ퓧퇐뺿듋샠컊쳢,퓚쯻쏇뗄쒣탍훐,떱쫜맦훆뗄웳튵뻟폐샠탍틀삵뗄만뚨짺닺돉놾쪱,웤쫕틦몯쫽늻퓙쫇웤샠탍뿕볤짏뗄떥뗷몯쫽ꆣ뗍킧뎧짌믡닺짺쿲쿂믑놨샠탍뗄벤샸,뛸룟킧뎧짌퓲믡닺짺쿲짏믑놨샠탍뗄벤샸ꆣ캪쇋럀랶헢솽샠믑놨탐캪,퓚캯췐죋쯹짨볆뗄듎폅뫏풼훐,믡닺짺닺솿뗄쮫쿲얤쟺ꆣ웤뷡맻쫇ퟮ룟킧뫍ퟮ뗍킧뎧짌틔벰쒳룶훐볤샠탍뎧짌쯹쳡릩뗄닺솿쫇ꆰퟮ폅ꆱ닺솿,뛸웤쯻샠탍뎧짌쳡릩뗄닺솿퓲믡랢짺쿲쿂믲쿲짏뗄얤쟺ꆣ쯹틔,ꆰ떥쿲얤쟺ꆱ늻퓙돉솢ꆣMaggiandRodriguee2Clare(1995)룼캪좫쏦뗘럖컶쇋캯췐2듺샭쒣탍훐뗄늹뎥벤샸컊쳢ꆣ쯻쏇뗄뷡싛뇭쏷:엤훃얤쟺뗄뻟쳥랽쪽맘볼좡뻶폚듺샭죋놣쇴킧폃몯쫽뗄탎쪽ꆣ죧맻듋몯쫽캪낼몯쫽믲헟춹탔늻잿,퓲뗍킧듺샭죋뗄엤훃솿랢짺쿲짏얤쟺,뛸룟킧듺샭죋뗄엤훃퓲랢짺쿲쿂얤쟺ꆣ죧맻1퓚Hahn(2003)훐,뫴뷐췢늿탔쫇횸평폚퓚췸싧훐쏢럑뷓쳽뫴뷐뛸캪쒳룶쪹폃헟듸살뗄뇣샻ꆣ2퓚Segal(1999,2003)훐,쿻럑헟쎻폐욫뫃뗄닮틬,웤ꆰ샠탍ꆱ쫇뛔쯻죋쿻럑솿쯹탎돉뗄늻춬풤웚ꆣ
뗚2웚쏏듳컄ꆢ쳯맺잿:췸싧췢늿탔폫럇쿟탔뚨볛ꆡ637놣쇴킧폃몯쫽춹탔뫜잿,퓲솽샠듺샭죋뗄엤훃얤쟺랽쿲쿠랴ꆣ놾컄훐,컒쏇붫럖컶럇뛔돆탅쾢ꆢ췸싧췢늿탔틔벰평샠탍틀삵뗄놣쇴킧폃틽웰뗄늹뎥벤샸늢듦쪱,슢뛏뎧짌쯹쏦쇙뗄럇쿟탔뚨볛컊쳢ꆣ쫗쿈,컒쏇횤쏷,Segal(1999,2003)뫍Csorba(2008)뗄떥쿲얤쟺뷡싛좡뻶폚쿻럑헟횮볤뗄닟싔뮥늹탔ꆣ죧맻쿻럑헟횮볤뇭쿖캪쳦듺탔,퓲쯻쏇뗄뷡싛붫늻퓙돉솢,엤훃돊쿖돶쮫쿲얤쟺ꆣ쫂쪵짏,뮥늹믲쳦듺탔좡뻶폚쿻럑췸싧쫇럱듦퓚펵벷ꆣ펵벷탔쿻럑췸싧쫇횸쿻럑헟뇋듋횮볤뇭쿖캪뺺헹탔믲쳦듺탔뗄췸싧;뛸럇펵벷탔쿻럑췸싧쫇횸쿻럑헟뇋듋횮볤뇭쿖캪뮥믝탔믲뮥늹탔뗄췸싧ꆣ3췸싧펵벷쿖쿳쫇평췸싧뗄폐쿞죝솿뫍췸싧쳡릩짌뗄폐쿞벼쫵캬뮤쮮욽뻶뚨뗄ꆣ컒쏇랢쿖,떱췸싧늻펵벷쪱,쿻럑솿뇭쿖캪떥쿲얤쟺;떱췸싧펵벷쪱,쿻럑솿믡뇭쿖돶쮫쿲얤쟺;뛸퓚훐탔췸싧훐,쿻럑솿죔좻돊쿖돶폫뺭뗤쒣탍쿠춬뗄얤쟺랽쪽,벴ꆰ떥쿲쟒뚥늿컞얤쟺ꆱꆣ4헢퇹,뛔럇뛔돆탅쾢쿂췸싧췢늿탔뗄뺭볃뮷뺳샠,컒쏇뗄뷡맻뛔쿻럑죧뫎랢짺얤쟺쳡릩쇋튻룶룼캪췪헻뗄쳘헷뮯쏨쫶ꆣ놾컄뮹뾼싇쇋쇭튻훖탞헽ꆰ떥쿲얤쟺뫍뚥늿컞얤쟺ꆱ맦싉뗄틲쯘,벴늹뎥벤샸컊쳢ꆣ퓚틔LewisandSappington(1989)뫍MaggiandRodriguee2Clare(1995)캪듺뇭뗄뺭뗤늹뎥벤샸컄쿗훐,볙뚨놣쇴킧폃몯쫽뗄늻춬탎쪽믡펰쿬뫏풼탎쪽5,뛸놾컄훐퓲뷸튻늽횸돶헢훖몯쫽탎쪽뗄닮틬풴폚잱퓚뷸죫헟뗄뇟볊짺닺돉놾뗄닮틬,쯦ퟅ헢튻뇟볊돉놾뗄뇤뮯,슢뛏퓚캻헟쯹쳡릩뗄럇쿟탔볛룱뫏풼탎쪽튲펦랢짺쿠펦뗄뇤뮯ꆣ헢쳥쿖쇋잱퓚뷸죫헟뺺헹솦잿죵늻춬뛔퓚캻뎧짌릹돉뗄췾킲돌뛈튲늻춬ꆣ떱웤뇟볊돉놾ퟣ릻뗍듓뛸웤뺺헹솦ퟣ릻잿쪱,뻍믡틽웰늹뎥벤샸컊쳢,듓뛸쪹퓚캻뎧짌뇘탫쪵탐폫뺭뗤쓦쿲톡퓱컊쳢쿠랴뗄벤샸랽낸ꆣ6듋췢,폫뺭뗤늹뎥벤샸뫍췸싧죆맽(죧LaffontandTi2role,1990)쒣탍늻춬뗄쫇,퓚뺭뗤쒣탍훐뎧짌쯹쳡릩뗄닺욷쫇웕춨쿻럑욷,늻춬샠탍쿻럑헟뗄쿻럑솿놻룷ퟔ뛀솢뻶뚨,뛸놾컄훐췸싧췢늿탔뫍늹뎥벤샸컊쳢붻횯퓚튻웰,쪹늻춬샠탍쿻럑헟뗄쿻럑솿돊쿖ꆰ뮥뚯맘쾵ꆱ,듓뛸쪹쿻럑솿얤쟺뗄쒣쪽룼캪뢴퓓ꆣ놾컄폠쿂늿럖낲업죧쿂:뗚뛾늿럖짨뚨뺭볃뮷뺳,룸돶컞췸싧췢늿탔쪱뗄믹ힼ쒣탍,벴Maskin2Riley쒣탍ꆣ뗚죽늿럖훐뾼싇듦퓚췸싧췢늿탔쪱뗄럇쿟탔뚨볛뫏풼탎쪽ꆣ뗚쯄늿럖쳖싛췸싧죆맽뫍늹뎥벤샸컊쳢ꆣퟮ뫳,퓚뗚컥3퓚쿂컄훐컒쏇붫룸돶췸싧펵벷탔뗄헽쪽뚨틥ꆣ4뛔폚뻟폐맦쒣놨돪뗝퓶짺닺쇬폲훐뗄췢늿탔,Lockwood(2000)뗃떽쇋샠쯆뗄뷡맻ꆣ쯻횤쏷,듎폅뫏풼훐냼삨뚥뛋퓚쓚뗄쯹폐듺샭죋뗄닺솿뚼믡랢짺얤쟺,쟒캪쮫쿲얤쟺(two2waydistortion)ꆣ벴뛔폚뇟볊돉놾뷏뗍뗄듺샭죋,웤쳡릩뗄닺솿룟폚ퟮ폅쮮욽;뛸뛔폚뇟볊돉놾뷏룟뗄듺샭죋,웤닺솿뗍폚ퟮ폅쮮욽ꆣ5MaggiandRodriguee2Clare(1995)훐훷튪쳖싛쇋룃몯쫽캪쿟탔몯쫽ꆢ낼몯쫽ꆢ죵춹탔몯쫽뫍잿춹탔몯쫽벸훖늻춬쟩뿶쿂뗄뫏풼탎쪽ꆣ6퓚뺭뗤럇쿟탔뚨볛컊쳢훐,캯췐죋탨튪뾼싇쿲쿂좡뷴뗄벤샸쿠죝풼쫸(downward2bindingincentiveconstraints),뛸떱늹뎥벤샸쿖쿳돶쿖쪱,쯻뇘탫뾼싇쿲짏좡뷴뗄벤샸쿠죝풼쫸(upward2bindingincentiveconstraints)ꆣ
ꆡ638뺭볃톧(벾뾯)뗚8뻭늿럖훐룸돶훷튪뷡싛ꆣ뛾ꆢ뺭볃뮷뺳뾼싇튻룶캯췐2듺샭쒣탍,웤훐캯췐죋캪쒳슢뛏뎧짌ꆣ쯻틔뇟볊돉놾c쳡릩쒳훖뻟폐췸싧췢늿탔뗄닺욷ꆣ웤킧폃몯쫽캪V=t-cq,t듺뇭쿻럑헟뗄횧뢶,q캪쿻럑헟뗄쿻럑솿,튲쫇뎧짌쳡릩뗄닺솿ꆣ듺샭죋캪쿻럑헟,쯻쏇뗄욫뫃샠탍ꛈ쫇쮽죋탅쾢,ꛈꇊꚨ={ꛈ1,ꆭ,ꛈn},ꛈ1<ꛈ2<ꆭ<ꛈn,샠탍캪ꛈi뗄쿻럑헟쯹햼뗄뇈샽캪f(ꛈi),i=1,2,ꆭ,nꆣ틔ꚤꛈꇔꛈi-ꛈi-1>0뇭쪾쿠쇚샠탍닎쫽횮닮,볇F(ꛈi)=6f(ꛈj)ꆣ퓲틀헕듳쫽뚨싉,헢쿠떱폚헢퇹뗄쟩탎:뷶듦퓚jꇜi튻룶듺샭죋,웤샠탍ꛈꇊꚨ캪쯦믺뇤솿,ꛈ뗄럖늼몯쫽뫍샛믽럖늼몯쫽럖뇰캪f(ꛈi)=Pr(ꛈ=ꛈi)뫍F(ꛈi)=Pr(ꛈꇜꛈi)ꆣ퓚듋컒쏇볙뚨떥뗷럧쿕싊쳵볾돉솢,벴1-F(ꛈ)복ꆣꛈ샠탍쿻럑헟뗄f(ꛈ떥뗷뗝킧폃(튲돆탅쾢ퟢ뷰)캪U=ꛈV(q)+)ꚷ(Q)-t,쯼늻뷶좡뻶폚쮽죋쿻럑q,튲좡뻶폚췸싧맦쒣(networkmagni2tude)Q=6f(ꛈi)qiꆣꛈV(q)놻돆캪쿻럑뗄쓚퓚볛횵(intrinsicvalue),뛸iꚷ(Q)퓲놻돆캪췸싧볛횵(networkvalue)ꆣ힢틢떽,컒쏇볙짨뛔늻춬샠탍뗄쿻럑헟,췸싧킧펦쫇춬훊뗄,벴췸싧볛횵폫쮽죋욫뫃ꛈ뫍쮽죋쿻럑q뚼컞맘ꆣ7볙짨V(q)캪퇏룱뗝퓶뗄낼몯쫽:Vꇤ(q)>0,Vꇥ(q)<0ꆣ퓚듋볙짨쿂,죧뢽슼훐춼2ꆪ춼6쯹쪾,늻춬샠탍쿻럑헟뗄컞닮틬쟺쿟횻쿠붻튻듎,쯹틔Spence2Mirrlees쳵볾싺ퟣꆣ맘폚췸싧펵벷탔컒쏇룸돶죧쿂뚨틥:뚨틥1ꆡ죧ꚷꇥ(Q)<0,퓲돆룃췸싧캪펵벷탔췸싧(congestiblenetwork);죧ꚷꇥ(Q)>0,퓲돆웤캪럇펵벷탔췸싧(dis2congestiblenetwork);죧ꚷꇥ(Q)=0,퓲돆웤캪훐탔췸싧(neutralnetwork)ꆣ힢쫍1ꆡꚷꇥ(Q)>0틢캶ퟅ쒳룶쿻럑헟쿻럑솿뗄퓶볓붫퓶볓웤쯻쿻럑헟뗄뇟볊킧폃,죧맻췸싧죝솿ퟣ릻듳,췸싧캬뮤벼쫵ퟣ릻쿈뷸퓲믡돶쿖헢훖쟩탎;랴횮,ꚷꇥ(Q)<0뇭쪾쒳룶쿻럑헟뗄쿻럑솿퓶볓믡떼훂웤쯻쿻럑헟뇟볊킧폃뗄붵뗍,헢뛔펦폚췸싧죝솿뫍캬뮤벼쫵쮮욽폐쿞뗄쟩뿶;ꚷꇥ(Q)=0퓲뇭쏷쿻럑헟퓚췸싧훐쯹믱뗄뇟볊킧폃늻쫜쯻죋쿻럑솿뗄펰쿬ꆣ슢뛏뎧짌뗄쒿뇪쫇짨볆튻ퟩ벤샸쿠죝늢평쿻럑헟ퟔ풸톡퓱뗄뫏풼닋떥{q(ꛈ^),t(ꛈ^)}틔ퟮ듳뮯웤ퟔ짭쫕틦,ꛈ^ꇊꚨ듺뇭쿻럑헟쿲뎧짌짪놨뗄ꆰ샠탍ꆱ,탐뚯뗄쮳탲죧쿂ꆣ7죧붫췸싧볛횵쿮짨캪룼튻냣뗄탎쪽죧ꚷ(ꛈ,q,Q)퓲췸싧킧펦캪틬훊탔ꆣ
뗚2웚쏏듳컄ꆢ쳯맺잿:췸싧췢늿탔폫럇쿟탔뚨볛ꆡ639ꆤ뷗뛎1:쿻럑헟맛닢떽웤ퟔ짭ꆰ샠탍ꆱꛈꆣꆤ뷗뛎2:슢뛏뎧짌쳡릩럇쿟탔뚨볛뫏풼{q(ꛈ^),t(ꛈ^)}ꆣꆤ뷗뛎3:죧ꛈV(q)+ꚷ(Q)-tꇝU^(ꛈ),퓲헦쪵샠탍캪ꛈ뗄쿻럑헟톡퓱ꆰퟮ폅짪놨ꆱꛈ^(ꛈ)=argꛓmax{ꛈV(q(ꛓ))+ꚷ(Q)-t(ꛓ8)};럱퓲,쿻럑헟늻뷓쫜뫏풼,믱뗃놣쇴킧폃U^(ꛈ)ꆣꆤ뷗뛎4:뫏풼횴탐,캯췐듺샭쮫랽믱뗃룷ퟔ쫕틦ꆣ죧춬퓚뺭뗤쓦쿲톡퓱쒣탍훐튻퇹,캯췐죋퓚짨볆뫏풼쪱뇘탫뾼싇듺샭죋뗄닎폫풼쫸뫍벤샸쿠죝풼쫸,벴뫏풼n{qi,ti}i=1펦춬쪱싺ퟣ틔쿂쳵볾:IRi:ꛈiV(qi)+ꚷ(Q)-tiꇝ0,ICij:ꛈiV(qi)+ꚷ(Q)-tiꇝꛈiV(qj)+ꚷ(Q)-tj,ꆡΠi,j.믲헟,뗈볛뗘틔듺샭죋탅쾢ퟢ뷰뗄탎쪽뇭쪾캪IRi:Uiꇝ0,ICij:UiꇝUj+(ꛈi-ꛈj)V(qj),ꆡΠi,j.듋뒦듺샭죋뗄놣쇴킧폃놻뇪ힼ뮯캪쇣ꆣퟷ캪믹ힼ쒣탍,컒쏇쫗쿈럖컶컞췸싧췢늿탔벴ꚷ(Q)=0쪱뗄쟩탎,듋쪱슢뛏뎧짌쯹쏦쇙뗄맦뮮컊쳢캪nnf(ꛈi)ꛈiV(qi)-cqi-q}66f(ꛈi)Ui,(Pmax1){U,iii=1i=:ꆡIRi,ICij:Πi,j.ꆡꆡ틽샭1ꆡ퓚듎폅뫏풼훐뷶ퟮ뗍욫뫃샠탍뗄룶쳥샭탔풼쫸IR1,틔벰쿲쿂뗄뻖늿벤샸쿠죝풼쫸(thedownwardlocalincentiveconstraints)ICi(i-1),Πi=2,3,ꆭ,n좡뷴ꆣ횤쏷ꆡ볻뢽슼Aꆣ펦폃틽샭1,쟳뷢(P19)뿉뗃믹ힼ뗄MR(Maskin2Riley)뫏풼:ꛈRi-H(ꛈi)VꇤM(qi)=c,(1)벰i-1UMRR1=0;ꆡUMi=6ꚤꛈVMR(q)j,ꆡΠiꇝ2,(2)j=1웤훐H(ꛈ1-F(ꛈ))=ꛈ1-F(ꛈ),쓦럧쿕싊(reciprocalhazardrate)ꆣ죝f(ꛈꚤ)f(ꛈ듺뇭)8힢틢떽,평폚쿻럑헟쫽솿컞쿞뛠,떥룶쿻럑헟믑놨샠탍뛔췸싧맦쒣Q뗄펰쿬뿉틔뫶싔ꆣ9캪놣횤좡뗃쓚뷢qi>0,볙짨뛔Πiꇊ{1,2,ꆭ,n},ꛈi-H(ꛈi)>0ꆣ
ꆡ640뺭볃톧(벾뾯)뗚8뻭틗퇩횤,죧맻떥뗷럧쿕싊쳵볾Hꇤ(ꛈ)ꇜ0싺ퟣMR,퓲MRqiꇜMRqi+1,qi<3qi,Πi<MRn,qn=3qn,웤훐3qi듺뇭듓튻뷗쳵볾ꛈ3iVꇤ(qi)=c뗃돶뗄ퟮ폅쿻럑솿ꆣ쿔좻,퓚럇뛔돆탅쾢쿂,돽욫뫃ퟮ잿샠탍틔췢뗄쯹폐쿻럑헟뗄쿻럑솿뚼랢짺쿲쿂뗄얤쟺ꆣ헢폫뺭뗤쒣탍훐ꆰ떥쿲쟒뚥늿컞얤쟺ꆱ뗄맦싉튻훂ꆣ죽ꆢ췸싧췢늿탔쿂뗄럇쿟탔뚨볛(튻)솽훖샠탍뗄쟩탎놾뷚훐,컒쏇볙짨쿻럑헟횻폐솽훖샠탍,벴ꚨ={ꛈ,ꛈ}ꆣPr(ꛈ=ꛈ)=v,Pr(ꛈ=ꛈ)=1-v,췸싧맦쒣캪Q=vq+(1-v)
qꆣ퓚췪좫탅쾢쿂,슢뛏뎧짌뗄ퟮ폅뮯컊쳢캪maxvꛈV(q)-cq+(1-v)ꛈV(
q)-c
q{(U,q);(U,
q)}(P2)ꆡꆡ+ꚷ(Q)-vU+(1-v)U,ꛈ:Uꇝ0;IR(ꛈ):Uꇝ0.ꆡꆡ평듋뿉뗃뗄ퟮ폅쿻럑솿펦싺ퟣꛈVꇤFB(q)+ꚷꇤFB(vq+(1-v)
FBq)=c,ꛈVꇤ(3)(
FBq)+ꚷꇤFB(vq+(1-v)
FBq)=c.ꆡꆡ퓚럇뛔돆탅쾢쿂,펦퓚틔짏맦뮮컊쳢훐쳭볓듺샭죋뗄벤샸쿠죝풼쫸,퓲뿉뗃maxvꛈV(q)-cq+(1-v)ꛈV(
q)-c
q{(U,q);(U,
q)}ꆡꆡ+ꚷ(Q)-vU+(1-v)U,(ꛈ):Uꇝ0,(P3)ꆡIR(ꛈ):Uꇝ0,ꆡIC(ꛈ):UꇝU-ꚤꛈV(
q),ꆡIC(ꛈ):UꇝU+ꚤꛈV(q).ꆡꆡ평틽샭1,풼쫸쳵볾IC(ꛈ)뫍IR(ꛈ)캪뷴,퓲듎폅뗄쿻럑솿펦싺ퟣ쿂쪽:ꛈ1-v-ꚤꛈVꇤSB(q)+ꚷꇤSB(vq+(1-v)
SBq)=c,v(4)ꛈVꇤ(
SBq)+ꚷꇤSB(vq+(1-v)
SBq)=c.ꆡꆡ컒쏇붫ퟮ폅뫍듎폅쿻럑솿ퟛ뫏퓚틔쿂맦뮮컊쳢뗄ퟮ폅뷢훐ꆣmaxꚰ(q,
q,ꛁ),(5){q,
q}
뗚2웚쏏듳컄ꆢ쳯맺잿:췸싧췢늿탔폫럇쿟탔뚨볛ꆡ641웤훐ꚰ(q,
q,ꛁ)=vꛁV(q)-cq+(1-v)ꛈV(
q)-c
q+ꚷ(Q).ꆡꆡ죧ꛁ=ꛈ,퓲뿉뗃(3)쪽훐룸돶뗄ퟮ폅쿻럑솿;뛸뛔ꛁ1-v=ꛈ-ꚤꛈ뿉뗃v(4)쪽룸돶뗄듎폅쿻럑솿ꆣ춨맽솽헟뗄뇈뷏,뿉뗃틔쿂쏼쳢ꆣ쏼쳢1ꆡ떱췸싧췢늿탔뫍럇뛔돆탅쾢늢듦쪱,짨쳵볾Vꇤ(q)>0,Vꇥ(q)<0돉솢,퓲춬ퟮ폅쟩탎쿠뇈,듎폅쿻럑솿뗄얤쟺랽쪽좡뻶폚췸싧뗄펵벷돌뛈:1.죧맻췸싧쟡뛈럇펵벷(mildlydis2congestible),벴ꚷꇥ(Q)>0쟒놣횤뛔Πꛁꇊꛈ1-v-ꚤꛈ,ꛈ뻘헳ꚰqq캪뢺뚨10,퓲듎폅쿻럑솿뇭쿖캪떥쿲얤쟺(onevway2dSBBistortion):q<FBq,
Sq<
FBqꆣ2.죧맻췸싧펵벷(congestible),벴ꚷꇥ(Q)<0,퓲듎폅쿻럑솿뇭쿖캪쮫쿲얤쟺(two2waydBSBistortionSB):q<Fq,
q>
FBqꆣ3.죧췸싧캪훐탔(neutral),벴ꚷꇥ(Q)=0,퓲죔좻뿉뗃뺭뗤뗄ꆰ떥쿲얤쟺쟒뚥늿컞얤쟺(one2waydistortionandnodistortiononthetopSB)ꆱ뷡맻:q<FBq,
SBq=
FBqꆣ컞싛췸싧쫇럱펵벷,췸싧맦쒣쯵복:QSB<QFBꆣ횤쏷ꆡ볻뢽슼Bꆣ힢쫍2ꆡ뿉뛔틔짏뷡맻ퟷ죧쿂뷢쫍ꆣ캪쇋톹쯵룟탨쟳쿻럑헟쯹믱뗄탅쾢ퟢ뷰,캯췐죋뇘탫붵뗍뗍탨쟳쿻럑헟뗄쿻럑솿ꆣ헢쫇ퟢ뷰돩좡폫킧싊좨뫢뗄뷡맻(tradeoffbetweenallocativeefficiencyandrentextraction)ꆣ좻뛸늻춬폚뺭뗤쓦쿲톡퓱쒣탍뗄쫇,늻춬샠탍쿻럑헟뗄쿻럑탐캪춨맽쿻럑췸싧쿠뮥펰쿬ꆣ죧췸싧럇펵벷,퓲쿻럑헟뇋듋뮥믝뮥늹,쯹틔룟탨쟳쿻럑헟뗄쿻럑솿튲랢짺쿲쿂얤쟺;죧맻쿻럑췸싧쫇펵벷뗄,퓲췸싧훐뗄쿻럑헟뮥캪뺺헹믲쳦듺맘쾵,틲듋뗍탨쟳헟쿻럑솿복짙쯹닺짺뗄ꆰ뿕볤ꆱ뿉틔춨맽퓶볓룟탨쟳쿻럑헟뗄쿻럑살ꆰ쳮돤ꆱ,쯹틔뫳헟뗄쿻럑솿놻쿲짏얤쟺;죧맻쿻럑췸싧캪훐탔,퓲룷훖샠탍쿻럑헟뗄쿻럑솿횮볤늻듦퓚쿠뮥펰쿬,쯼쏇놻룷ퟔ뛀솢뻶뚨,쯹틔죔좻뗃떽폫뺭뗤쒣탍쿠춬뗄뷡맻ꆣ(뛾)뛠샠탍쟩탎놾킡뷚훐컒쏇붫쒣탍췆맣떽뛠샠탍쟩탎ꆣ췪좫탅쾢쿂,캯췐죋뷶탨뾼싇쿻럑헟뗄닎폫풼쫸Uiꇝ0ꆣ춬솽훖샠탍뗄쟩탎샠쯆,ퟮ폅쿻럑솿싺ퟣ:10죧맻췸싧뻟폐뫜잿뗄럇펵벷탔,벴ꛗꇥ(Q)>0쟒웤횵뫜듳,퓲늻쓜놣횤ꚰqq캪뢺뚨뻘헳,듓뛸늻쓜좷놣맦뮮컊쳢(5)뻟폐캨튻뗄좫뻖ퟮ폅뷢ꆣ
ꆡ642뺭볃톧(벾뾯)뗚8뻭ꛈiVꇤ(qi)+ꚷꇤ(Q)=c,ꆡΠiꇊ{1,2,ꆭ,n}.(6)ꆡꆡ퓚럇뛔돆탅쾢쿂,탨춬쪱뾼싇떽듺샭죋뗄닎폫풼쫸뫍벤샸쿠죝풼쫸,퓲캯췐죋쯹쏦쇙뗄ퟮ폅뮯컊쳢캪nnnmaxf(ꛈi)ꛈiV(qi)-cqi+ꚷ6f(ꛈi)qi-6f(ꛈi)Ui,{U,q}6iii=1i=1i=1P4::Uiꇝ0,ꆡICij:UiꇝUj+ꛈi-ꛈjV(qj),Πi,-1ꆡꆡ평틽샭1뿉뗃U1=0;Ui=ꚤꛈ6V(qj),Πiꇝ2ꆣ퓲P(4)훐캯췐죋뗄쒿j=1뇪몯쫽뿉훘탂뇭쪾캪nnn6ꛈ1-F(ꛈi)i-ꚤꛈf(ꛈi)V(qi)+ꚷ6f(ꛈi)qi-c6f(ꛈi)qi.(7)f(ꛈi=1i)i=1i=1쯹틔ퟮ폅뫍듎폅쿻럑솿뿉뾴돉틔쿂컞풼쫸ퟮ폅뮯컊쳢뗄뷢:maxꚰ(q,ꛅ),(8)Rnqꇊ+웤훐nnnꚰ(q,ꛅ)=6[ꛈi+ꛅH(ꛈi)]f(ꛈi)V(qi)+ꚷ6f(ꛈi)qi-c6f(ꛈi)qi,i=1i=1i=1(9)q=(q1,q2,ꆭ,qn)ꇊRn+,ꛅꇊ[-1,0]ꆣ죧ꛅ=0,퓲뿉뗃ퟮ폅쿻럑;죧ꛅ=-1뿉뗃듎폅쿻럑ꆣ틔쿂쏼쳢룸돶쇋듎폅뫏풼뗄탎쪽ꆣ쏼쳢2ꆡ죧맻떥뗷럧쿕싊쳵볾d1-F(ꛈ)ꛈꇜ0싺ퟣ,쟒퓚(q,ꛅ)=SB(q,df(ꛈ)-1)뒦,몣죻뻘헳ꚰqq캪뢺뚨,퓲듎폅쿻럑솿싺ퟣn[ꛈi-H(ꛈi)]Vꇤ(qi)+ꚷꇤ6f(ꛈi)qi=c,ꆡΠiꇊ{1,2,ꆭ,n}.(10)i=1듎폅뗄탅쾢ퟢ뷰캪i-1USB1=0,ꆡUSBi=ꚤꛈ6VSB(qj),ꆡΠiꇊ{2,3,ꆭ,n}.(11)j=1듎폅쫕럑캪ꛈSB1V(q1)+ꚷ(QSB),i=1,SBi-1ti=ꛈBiVS(qi)-ꚤꛈ6VSBSB(qj)+ꚷ(Q),iꇝ(12)=1
뗚2웚쏏듳컄ꆢ쳯맺잿:췸싧췢늿탔폫럇쿟탔뚨볛ꆡ643ꆡꆡ횤쏷ꆡ볻뢽슼Cꆣ퓚틔쿂쏼쳢훐,컒쏇뛔ퟮ폅뫍듎폅쿻럑솿볓틔뇈뷏,듓뛸뗃돶쿻럑솿뗄얤쟺랽쪽ꆣ쏼쳢3ꆡ짨쳵볾Vꇤ(ꆤ)>0,Vꇥ(ꆤ)<0틔벰떥뗷럧쿕싊쳵볾d1-F(ꛈ)dꛈf(ꛈꇜ0돉솢ꆣ퓲듎폅쿻럑솿얤쟺랽쪽좡뻶폚췸싧뗄펵벷돌뛈ꆣ)1.죧맻쿻럑췸싧쟡뛈럇펵벷,벴ꚷꇥ(Q)>0쟒놣횤뛔ΠqꇊRn+뫍Πꛅꇊ[0,1],몣죻뻘헳ꚰqq캪뢺뚨,퓲듎폅쿻럑솿뇭쿖돶떥쿲얤쟺SBFB:qi<qi,Πiꆣ2.죧쿻럑췸싧펵벷,벴ꚷꇥ(Q)<0,퓲듎폅쿻럑솿뇭쿖돶쮫쿲얤쟺,헢틢캶ퟅ듦퓚쒳룶쇙뷧횵3iꇊSB{1,2,ꆭ,n},쪹떱i>3i쪱,qi>FBqi;i<3i쪱,SBqi<FBqiꆣ3.죧췸싧캪훐탔,벴ꚷꇥ(Q)=0,퓲듎폅쿻럑솿뇭쿖돶ꆰ떥쿲얤쟺ꆱ쟒ꆰ뚥늿컞얤쟺ꆱSB:qi<FBqi,Πi<n쟒SBqn=FBqnꆣ퓚틔짏벸훖쟩탎쿂,쿻럑췸싧맦쒣뚼믡쯵복:QSB<QFBꆣ횤쏷ꆡ볻뢽슼Dꆣ힢쫍3ꆡ퓚럇펵벷탔췸싧훐,틔짏쏼쳢뗄뷡싛폫Hahn(2003)ꆢSegal(1999,2003)뫍Csorba(2008)뗄훷튪뷡싛튻훂ꆣ퓚쳵볾ꚷꇥ(ꆤ)>0쿂,쒳룶쿻럑헟퓶볓쿻럑솿믡쳡룟웤쯻쿻럑헟뗄뇟볊킧폃,벴92ꚰ>0,Πiꇙjꆣ헢9qi9qj폫Csorba(2008)컄훐뗄닟싔뮥늹탔볙짨(strategiccomplementarityas2sumption)쫇튻훂뗄ꆣ평듋,뿉룹뻝뇈뷏뺲첬럖컶랽램(볻Topkis,1978;MilgromandShannon,1994뗈)뇈뷏ퟮ폅뫍듎폅뫏풼ꆣ11뛔펵벷탔쿻럑췸싧,쏼쳢3뗃돶뗄쮫쿲얤쟺뷡싛폫쿖폐컄쿗늻춬ꆣ뛔돽ퟮ룟욫뫃틔췢뗄죎뫎샠탍(ꛈi),캯췐죋뚼믡붵뗍웤쿻럑솿틔돩좡뇈웤룼폐킧뗄쿻럑헟(ꛈ>ꛈi)쯹믱뗃뗄탅쾢ퟢ뷰,컒쏇돆웤캪ퟢ뷰돩좡킧펦(rent2extractioneffect)ꆣ쇭튻랽쏦,캯췐죋튲폐벤샸퓶볓쯹폐샠탍쿻럑헟뗄쿻럑솿틔퓶볓췸싧볛횵,컒쏇돆웤캪췸싧퓶횵킧펦(network2valueaugmentingeffect)ꆣ죧맻췸싧늻펵벷,퓲뛔죎뫎샠탍,ퟢ뷰돩좡킧펦햼폅,듓뛸쎿훖샠탍뗄쿻럑솿뚼믡랢짺쿲쿂얤쟺;죧맻췸싧쫇펵벷뗄,퓲뛔폚룟탨쟳샠탍쿻럑헟,췸싧퓶횵킧펦햼폅,뛸뛔폚뗍탨쟳샠탍쿻럑헟,ퟢ뷰돩좡킧펦햼폅,틲듋,듎폅쿻럑솿뇭쿖돶쮫쿲얤쟺ꆣ떱쿻럑췸싧캪훐탔쪱,늻춬샠탍쿻럑헟뗄탐캪뇋듋뛀솢,쯹틔듎폅쿻럑솿뗄얤쟺11평Topkis(1978)틔벰Milgrom뫍Shannon(1994)뿉횪,뚨틥퓚룱(lattice)Q짏뗄뛾뷗솬탸뿉캢몯쫽ꚰ=ꚰ(q1,q2,ꆭ,qn)캪뎬쒣몯쫽(supermodular),떱쟒뷶떱뛔Π92ꚰiꇙj,>0;뷸튻늽뗘,죧맻92ꚰ9qi9qj9qi9ꛅ>0,Πi,퓲돆몯쫽ꚰ퓚(q,ꛅ)짏뻟폐퇏룱뗝퓶뗄닮ꆣ쇮q(ꛅ)=maxqꇊꚰ(q,ꛅ),뛔쒳룶퓚(q,ꛅ)짏뻟폐퇏룱뗝퓶Q닮뗄뎬쒣몯쫽,qi(ꛅ)쫇ꛅ뗄퇏룱퓶몯쫽ꆣ
ꆡ644뺭볃톧(벾뾯)뗚8뻭랽쪽폫뺭뗤쒣탍훐쿠춬ꆣ쯄ꆢ펵벷탔췸싧뗄뷸죫ퟨ낭폫늹뎥벤샸컊쳢퓚놾뷚훐,컒쏇살쳖싛쇭튻훖탞헽ꆰ떥쿲얤쟺뫍뚥늿컞얤쟺ꆱ맦싉뗄틲쯘,벴늹뎥벤샸컊쳢ꆣ볙짨쿻럑헟뿉틔죆맽쿖폐췸싧뷸죫평탭뛠춬훊탔뎧짌ퟩ돉뗄뺺헹탔췢늿쫐뎡ꆣ헢킩췢늿뺺헹탔뎧짌뚼쫇쿖폐췸싧뗄잱퓚뷸죫헟ꆣ쇮닎쫽ꛘ뇭쪾헢킩뎧짌뗄뇟볊짺닺돉놾ꆣ볙짨잱퓚뷸죫헟쯹쳡릩뗄닺욷믲럾컱폫퓚캻뎧짌쯹쳡릩뗄늻쿠죝ꆣ12늢쟒쯻쏇뮹쎻폐탎돉ퟔ벺뗄쿻럑췸싧ꆣ퓚췢늿뺺헹탔쫐뎡훐,뎧짌내헕뇟볊돉놾뚨볛ꆣ죧죆맽쿖폐췸싧,쎿룶쿻럑헟쯹믱뗄킧폃캪G3(ꛈ)=max[ꛈV(q)-ꛘq]ꆣ뚨틥G=G3(ꛈ),G=G3(ꛈ),ꚤG=G-qGꆣ놾뷚훐컒쏇볙뚨췸싧쫇펵벷뗄,벴ꚷꇥ(ꆤ)<0ꆣ듋췢,쏼쳢1훐떼훂쮫쿲얤쟺뗄쯹폐쳵볾뚼돉솢ꆣ죆맽쿖폐쿻럑췸싧뗄뿉쓜탔쪹쿻럑헟뻟폐샠탍틀삵뗄놣쇴킧폃(type2de2pendentreservationutilities),틲듋,캪쇋럀횹쿻럑헟죆맽췸싧,퓚캻췸싧쳡릩짌탨뾼싇샠탍틀삵뗄닎폫풼쫸,쯻뗄ퟮ폅뮯컊쳢뿉뇭쪾캪maxvꛈV(q)-cq+(1-v)ꛈV(
q)-c
q{(U,q);(U,
q)}ꆡꆡ+ꚷ(Q)-vU+(1-v)U,(ꛈ):UꇝG,(P5)ꆡIR(ꛈ):UꇝG,ꆡIC(ꛈ):UꇝU-ꚤꛈV(
q),ꆡIC(ꛈ):UꇝU+ꚤꛈV(q).쟳뷢틔짏뗄맦뮮컊쳢뿉뗃틔쿂쏼쳢ꆣ쏼쳢4ꆡ퓚캻뎧짌뗄ퟮ폅뷸죫ퟨ낭뚨볛뫏풼(entry2deterrencepricingcon2tract)좡뻶폚잱퓚뷸죫헟뗄뇟볊돉놾,벴듦퓚헽쫽ꛘ1<ꛘ2<ꛘ3<ꛘ4,쪹뗃:1.떱ꛘ>ꛘ4쪱,ꚤG<ꚤꛈVSB(q),럇쿟탔뚨볛뫏풼캪:q=SBq,
q=
SBq,U=G벰U=G+ꚤꛈVSB(q)ꆣ2.떱ꛘ3ꇜꛘꇜꛘ4쪱,ꚤꛈVSBFB(q)ꇜꚤGꇜꚤꛈV(q),쿻럑솿q뫍q평쿂쪽뻶뚨:q=V-1ꚤGꚤꛈ,(13)ꛈVꇤ(
q)+ꚷꇤvq+(1-v)
q=c,12럱퓲,뷸죫헟뻍뿉틔폫퓚캻헟릲쿭쿖폐췸싧ꆣ
뗚2웚쏏듳컄ꆢ쳯맺잿:췸싧췢늿탔폫럇쿟탔뚨볛ꆡ645웤훐FBBSBqꇊSBq,q,qꇊFq,qꆣ쿻럑헟쯹믱뗄탅쾢ퟢ뷰캪U=G뫍U=Gꆣ3FB.떱ꛘ2<ꛘ<ꛘ3쪱,ꚤꛈV(q)<ꚤG<ꚤꛈV(
FBq),듎폅뫏풼캪q=FBq,
q=
FBq,U=G벰U=Gꆣ4.떱ꛘ1ꇜꛘꇜꛘ2쪱,ꚤꛈVB(
Fq)ꇜꚤGꇜꚤꛈVI(
Cq),듎폅쿻럑솿q뫍
q평쿂쪽룸돶:
q=V-1ꚤGꚤꛈ,(14)ꛈVꇤ(q)+ꚷꇤ(vq+(1-v)
q)=c,쟒싺ퟣCI13qꇊCIFB[q,q],qꇊFB[q,q]ꆣ쿻럑헟쯹믱뗃뗄탅쾢ퟢ뷰캪U=G뫍U=Gꆣ5II.떱0<ꛘ<ꛘ1쪱,ꚤG>ꚤꛈVCI(
q),듎폅뫏풼쫇:q=Cq,
q=
Cq;U=G-ꚤꛈVCI(
q)벰U=Gꆣ웤훐CIq뫍
CIq평쿂쪽룸돶:ꛈVꇤCICI(q)+ꚷꇤ(vq+(1CI-v)
q)=c,ꛈ(15)+vꚤꛈVꇤCI(
q)+ꚷꇤCI(vq+(1-v)
CIq)=-vꆡꆡ횤쏷ꆡ볻뢽슼Eꆣ힢쫍4ꆡ떱ꛘ>ꛘ4쪱BB,쿻럑솿캬돖퓚듎폅쮮욽:q=Sq,
q=
Sqꆣ떱췢늿뺺헹헟킧싊늻룟쪱,뛔룟탨쟳쿻럑헟살쮵,죆맽췸싧쯹뗃늻죧퓚쿖폐췸싧훐쯹믱뗃뗄탅쾢ퟢ뷰,쯹틔췢늿쫐뎡늻ퟣ틔컼틽룟탨쟳샠탍쿻럑헟,뎧짌뷶탨럀횹뗍탨쟳헟죆맽췸싧뫍룟탨쟳헟믑놨샠탍,벴IR(ꛈ)뫍IC(ꛈ)캪뷴풼쫸ꆣ뎧짌뚨볛뫏풼훐뗄쿻럑솿캬돖퓚풭살뗄듎폅쮮욽늻뇤ꆣ떱ꛘ3ꇜꛘꇜꛘ4쪱SBFB,qꇊ[q,q],
qꇊ[
FBq,
SBq]ꆣ쯦ퟅ뇟볊돉놾ꛘ뗄붵뗍,킧폃횮닮ꚤG퓶볓,룟탨쟳샠탍쿻럑헟믡놻췢늿믺믡컼틽뛸닺짺죆맽쿖폐췸싧뗄벤샸ꆣ슢뛏헟뇘탫룸틔웤룼뛠뗄탅쾢ퟢ뷰쪹웤쇴퓚췸싧훐,뛸웤탅쾢ퟢ뷰폫뗍탨쟳쿻럑헟뗄쿻럑솿춬쿲뇤뮯,캪듋탨튪퓶볓q,평폚퓚펵벷탔췸싧훐늻춬샠탍쿻럑헟뗄쿻럑솿횮볤뗄쳦듺맘쾵,쯹틔쿠뛔폚짏튻훖쟩탎,룟탨쟳헟뗄듎폅쿻럑솿q복짙ꆣ잱퓚뗄뷸죫췾킲쪹q뫍q얤쟺솿복짙,쯼쏇뚼룼볓뷓뷼폚ퟮ폅뷢ꆣ떱ꛘ2<ꛘ<ꛘ3쪱,q=FBq,
FBq=
qꆣ쯦ퟅꛘ뗄뷸튻늽붵뗍뫍ꚤG뗄뷸튻늽퓶볓,q듯떽ퟮ폅쮮욽,퓲뎧짌늻믡퓙캪쇋퓶볓룟탨쟳헟뗄탅쾢ퟢ뷰뛸뷸튻늽쳡룟뗍탨쟳헟뗄쿻럑솿ꆣ퓚헢훖쟩탎쿂,뛔슢뛏뎧짌살붲,붫솽샠쿻럑헟쇴퓚췸싧훐쫇뇈럀횹쯻쏇믑놨샠탍룼삧쓑뗄죎컱,틲듋횻폐솽룶닎폫풼쫸IR(ꛈ)뫍IR(ꛈ)캪뷴,쪵쿖ퟮ폅쿻럑솿ꆣ떱ꛘ1ꇜꛘꇜꛘ2쪱,qꇊCIFBBCI[q,q],
qꇊ[
Fq,
q]ꆣ췢늿뎧짌뺺헹솦퓶잿듸살뗄뷏룟뗄킧폃닮뛮믡쪹뗍탨쟳샠탍쿻럑헟닺짺벤샸믑놨ퟔ짭샠탍,평듋닺짺13ꆰCIꆱ뇭쪾ꆰ늹뎥벤샸ꆱ(countervailingincentives)ꆣ
ꆡ646뺭볃톧(벾뾯)뗚8뻭늹뎥벤샸컊쳢ꆣ풼쫸쳵볾IC(ꛈ),IR(ꛈ)뫍IR(ꛈ)캪뷴ꆣ솽훖샠탍뗄쿻럑솿붫럖뇰쿲쿠랴랽쿲얤쟺ꆣ떫헢폫뗚튻ꆢ뛾훖쟩탎훐떼훂쮫쿲얤쟺뗄풭틲늻춬ꆣ퓚쟩탎튻ꆢ뛾훐,뎧짌믡붵뗍q틔복짙ꛈ샠탍쿻럑헟쯹믱뗃뗄탅쾢ퟢ뷰,
q쿲짏얤쟺횻쫇평폚췸싧췢늿탔틽웰뗄튻훖뢱킧펦(sideeffect)ꆣ뛸퓚헢훖쟩탎훐,캪쇋럀횹뗍탨쟳뎧짌믑놨샠탍,뇘탫룸웤탅쾢ퟢ뷰,뛸헢늿럖ퟢ뷰폫
q돉랴뇈ꆣ쯹틔캪쇋뺡솿톹쯵ퟢ뷰,뇘탫쳡룟
qꆣ쿠펦뗘,평폚췸싧킧펦뗄듦퓚,떼훂q뗄붵뗍,헢튲쫇튻훖뢱킧펦ꆣ떱0<ꛘ<ꛘ1쪱,q=CIq,
Iq=
Cqꆣ뇟볊돉놾ꛘ뗄복짙믡쪹룟탨쟳샠탍뗄쿻럑솿놻뷸튻늽쿲짏얤쟺(뗍탨쟳헟뗄쿻럑솿퓲놻뷸튻늽쿲쿂얤쟺)ꆣ뷏듳뗄엤훃얤쟺웈쪹뎧짌늻뗃늻럅쯉뗍탨쟳헟뗄닎폫풼쫸,쿲웤죃뛉튻늿럖탅쾢ퟢ뷰G-ꚤꛈV
CIqꆣ헢틢캶ퟅ횻폐IC(ꛈ)뫍IR(ꛈ)캪뷴풼쫸ꆣ퓚캻뎧짌믡춨맽늻뛏붵뗍쫕럑(t뫍t뗄늻뛏복짙)살붫쿻럑헟쇴퓚췸싧훐,뛸쿻럑솿퓲쪼훕캬돖퓚늹뎥벤샸쮮욽CIq뫍
CIqꆣ춼1쏨믦쇋ꛘ폫듎폅쿻럑솿SBq뫍
SBq볤뗄맘쾵ꆣ춼1ꆡ잱퓚뷸죫헟뇟볊돉놾ꛘ뛔듎폅쿻럑솿뗄펰쿬컥ꆢ뷡ꆡꆡ싛놾컄붨솢쇋튻룶럇뛔돆탅쾢뫍췸싧췢늿탔늢듦쪱뗄캯췐듺샭쒣탍,폃틔쮵쏷슢뛏뎧짌뗄럇쿟탔뚨볛닟싔틔벰뷸죫ퟨ낭닟싔ꆣ컒쏇룸돶췸싧췢늿탔쿂럇쿟탔볛룱뫏풼뗄얤쟺랽쪽,룸돶쇋폫쿖폐컄쿗훐뗄떥쿲얤쟺(Hahn,2003;Segal,1999,2003;Csorba,2008)뷡싛늻춬뗄뷡맻ꆣ컒쏇랢쿖췸싧뗄펵벷탔쫇퓬돉얤쟺닮틬뗄맘볼쯹퓚:퓚쟡뛈럇펵벷탔췸싧훐,듎폅쿻럑솿뇭쿖돶떥쿲얤쟺;퓚펵벷탔췸싧훐,듎폅쿻럑솿퓲뇭쿖돶쮫쿲얤쟺;뛸퓚훐탔췸싧훐,듎폅쿻럑솿죔좻뇭쿖캪ꆰ떥쿲쟒뚥늿컞얤쟺ꆱꆣ
뗚2웚쏏듳컄ꆢ쳯맺잿:췸싧췢늿탔폫럇쿟탔뚨볛ꆡ647듋췢,놾컄뮹럖컶쇋평잱퓚뷸죫췾킲쯹떼훂뗄늹뎥벤샸컊쳢ꆣ쯤좻잱퓚뷸죫헟쎻폐탎돉웤ퟔ벺뗄쿻럑헟췸싧,떫죧뇟볊돉놾ퟣ릻뗍,쯻쏇죔좻뿉쓜돉캪잿폐솦뗄뺺헹뛔쫖ꆣ컒쏇쿪쾸쳖싛쇋퓚펵벷탔췸싧훐,잱퓚뷸죫헟뗄뇟볊돉놾죧뫎펰쿬퓚캻슢뛏헟뗄뚨볛닟싔ꆣ떱뷸죫헟뗄뇟볊돉놾뷏룟쪱,슢뛏헟뚨볛뫏풼훐뗄쿻럑솿늻쫜펰쿬ꆣ뛸쯦ퟅ헢룶뇟볊돉놾뗄늻뛏붵뗍,쿻럑솿얤쟺돌뛈훰붥복킡,퓚튻뚨쟸볤쓚솽훖샠탍뗄쿻럑솿짵훁캬돖퓚췪좫탅쾢쿂뗄ퟮ폅쮮욽ꆣ떱뇟볊돉놾ퟣ릻뗍쪱,쿻럑솿믡튻횱캬돖퓚늹뎥벤샸쮮욽ꆣ뛸췸싧췢늿탔폫늹뎥벤샸늢듦쪱,늻춬샠탍쿻럑헟쿻럑솿뗄ꆰ뮥뚯ꆱ놻죏캪쫇폫뺭뗤늹뎥벤샸컄쿗뗄훷튪쟸뇰ꆣ뢽ꆡ슼ꆡꆡ뢽슼Aꆡ틽샭1뗄횤쏷횤쏷ꆡ쫗쿈,죧맻IR1뫍ICi1싺ퟣ,퓲뛔iꇝ2닎폫풼쫸IRi믡ퟔ뚯싺ퟣꆣ틲캪UiꇝU1+(ꛈi-ꛈ1)V(q1)>U1ꇝ0.ꆡꆡ웤듎,붫ICij:UiꇝUj+(ꛈi-ꛈj)V(qj)뫍ICji:UjꇝUi+(ꛈj-ꛈi)V(qi)쿠볓뿉뗃(ꛈi-ꛈj)[V(qi)-V(qj)]ꇝ0,쯹틔퓚뿉쪵쪩뗄뫏풼훐,쿻럑솿몯쫽q(ꛈ)펦떥뗷늻복ꆣ죧i>j퓲평쿲쿂벤샸쿠죝풼쫸ICij뫍뿉쪵쪩쳵볾(implementabilitycondition):qi>qj뿉췆돶쿲짏벤샸쿠죝쳵볾ICji,떫랴횮늻좻,쯹틔횻폐쿲쿂벤샸쿠죝풼쫸캪뷴ꆣ붫ICi(i-1):UiꇝUi-1+ꚤꛈV(qi-1)뫍IC(i-1)(i-2):Ui-1ꇝUi-2+ꚤꛈV(qi-2)쿠볓뿉뗃UiꇝUi-2+ꚤꛈ[V(qi-1)+V(qi-2)]ꇝUi-2+(ꛈi-ꛈi-2)V(qi-2),웤훐뗚뛾룶늻뗈쪽뿉평뿉쪵쪩쳵볾qi-1>qi-2뗃돶ꆣ쯹틔평뻖늿벤샸쿠죝풼쫸(localICs)뿉췆돶럇뻖늿벤샸쿠죝풼쫸(non2localICs)ꆣꆡꆡ뢽슼Bꆡ쏼쳢1뗄횤쏷ꆡꆡ횤쏷ꆡ컊쳢(5)뗄튻뷗쳵볾캪ꚰq(q,ꛁ)=0,(16)
ꆡ648뺭볃톧(벾뾯)뗚8뻭벴ꛁVꇤ(q)+ꚷꇤ(vq+(1-v)
q)=c,ꛈ(17)Vꇤ(
q)+ꚷꇤ(vq+(1-v)
q)=c.ꆡꆡ붫짏쪽뛔닎쫽ꛁ쟳떼쫽,뿉뗃ꚰdqqqdꛁ+ꚰqꛁ=0,(18)벴dqꛁvVꇥ(q2)+vꚷꇥ(Q)v(1-v)ꚷꇥ(Q)dꛁ-vVꇤ(q)=.(19)v(1-v)ꚷꇥ(Q)(1-v)ꛈVꇥ(
q2)+(1-v)ꚷꇥꇁ(Q)d
q0dꛁ쟳뷢틔짏랽돌,뿉뗃dq-Vꇤ(q)[ꛈVꇥ(
q)+(1-v)ꚷꇥ(Q)]dꛁ=ꛁVꇥ(q)ꛈVꇥ(
q)+(1-v)ꚷꇥ(Q)+vꛈVꇥ(
q)ꚷꇥ(Q,)d
qvVꇤ(q)ꚷꇥ(Q)ꛁ=dꛁVꇥ(20)(q)ꛈVꇥ(
q)+(1-v)ꚷꇥ(Q)+vꛈVꇥ(
q)ꚷꇥ(Q,)dQdq-vꛈVꇤ(q)Vꇥ(
q)=vdꛁdꛁ+d
q(1-v)dꛁ=ꛁVꇥ(q)[ꛈVꇥ(
q)+(1-v)ꚷꇥ(Q)]+vꛈVꇥ(
q)ꚷꇥ(Q.)ꆡꆡ틲캪몣죻뻘헳ꚰqq캪뢺뚨,쯹틔ꛈVꇥ(
q)+(1-v)ꚷꇥ(Q)<0,(21)det(ꚰqq)=v(1-v){ꛁVꇥ(q)[ꛈVꇥ(
q)+(1-v)ꚷꇥ(Q)]+vꛈVꇥ(
q)ꚷꇥ(Q)}>0.(22)듓뛸뿉좷뚨Q(20)쪽훐룷튻뷗떼쫽뗄럻뫅캪dqd:>0,dꛁdꛁ>0,헢뇭쏷qSB<qFB쟒QSB<QFBꆣd
qdꛁ뗄럻뫅좡뻶폚ꚷꇥ(Q)뗄럻뫅:죧ꚷꇥ(Q)>0,퓲d
qdꛁ>0,듓뛸
qSB<
qFB;죧ꚷꇥ(Q)<0,퓲d
qdꛁ<0,쯹틔
qSB>
qFB;죧ꚷꇥ(Q)=0,퓲d
qdꛁ=0,듓뛸
qSB=
qFBꆣꆡꆡ뢽슼Cꆡ쏼쳢2뗄횤쏷ꆡꆡ횤쏷ꆡ(10)쪽뿉횱뷓듓(8)쪽뗄튻뷗쳵볾뗃돶ꆣ떥뗷럧쿕싊쳵볾Hꇤ(ꛈ)ꇜ0놣횤쇋뿉쪵쪩탔쳵볾qSBiꇜqSBi+1,Πiꇊ{1,2,ꆭ,n}싺ퟣꆣ몣죻뻘헳ꚰqq캪뢺뚨쪹ퟮ폅뮯뗄뛾뷗돤럖탔쳵볾싺ퟣꆣ쯹틔(10)쪽룸돶뗄쫇듎폅쿻럑솿ꆣ듎폅탅쾢ퟢ뷰뫍쫕럑뿉쿠펦쟳돶ꆣꆡꆡ뢽슼Dꆡ쏼쳢3뗄횤쏷ꆡꆡ횤쏷ꆡ캪쇋뇭쫶랽뇣,컒쏇틽죫틔쿂럻뫅:ꛈ1+ꛅH(ꛈ1)f(ꛈ1)Vꇥ(q1)ꚣꇔꛈ2+ꛅH(ꛈ2)f(ꛈ2)Vꇥ(q2),ωꛈn+ꛅH(ꛈn)f(ꛈn)Vꇥ(qn)
뗚2웚쏏듳컄ꆢ쳯맺잿:췸싧췢늿탔폫럇쿟탔뚨볛ꆡ649ꛃꇔT(f(ꛈ1),f(ꛈ2),ꆭ,f(ꛈn)),퓲ꚰqqꇔꚣ+ꚷꇥ(Q)ꛃꛃT,(23)ꚰqꛅꇔ(H(ꛈ1)f(ꛈ1)Vꇤ(q1),HT(ꛈ2)f(ꛈ2)Vꇤ(q2),ꆭ,H(ꛈn)f(ꛈn)Vꇤ(qn)).(24)ꆡꆡ(8)쪽뗄튻뷗쳵볾캪ꚰq=0ꆣ몣죻뻘헳ꚰqq캪뢺뚨쪹ퟮ폅뮯뗄뛾뷗돤럖탔쳵볾싺ퟣ,떥뗷럧쿕싊쪹뿉쪵쪩쳵볾qi+1ꇝqi,Πi돉솢ꆣ뛔틔짏뗄튻뷗쳵볾솽뛋맘폚닎쫽ꛅ쟳떼,뿉뗃ꚰdqqqdꛅ+ꚰqꛅ=0,(25)헢뇭쏷dqdꛅ=-1-(ꚰqq)ꚰqꛅ.ꆡꆡ붫뇭듯쪽(23)뫍(24)듺죫틔짏뇭듯쪽,뿉뗃dqdꛅ=-[ꚣ+ꚷꇥ(Q)ꛃꛃꇤ-1]ꚰqꛅ=-ꚣ-1-ꚷꇥ(Qꚣ-1ꛃꆤꛃꇤꚣ-1)1+ꚷꇥ(Q)ꛃꇤꚣ-1ꛃꚰqꛅ.(26)ꆡꆡ뗚i룶랽돌캪dqiH(ꛈi)Vꇤ(qi)1dꛅ=-[ꛈi+ꛅH(ꛈi)]Vꇥ+(qi)[ꛈi+ꛅH(ꛈi)]Vꇥ(qi)nꚷꇥ(QH(ꛈj)f(ꛈj)Vꇤ(qj))6ꆡꆤj=1[ꛈj+ꛅH(ꛈj)]Vꇥ(qj)n1+ꚷꇥf((Qꛈj))6[ꛈj+ꛅH(ꛈj)]Vꇥ(qj)j=1ꛑ=-H(ꛈi)Vꇤ(qi)ꛈ,(27)i+ꛅH(ꛈi)Vꇥ(qi)웤훐nꚷꇥf(ꛈj)H(ꛈj)Vꇤ(qj)(Q)ꛑꇔ6j=1[ꛈj+ꛅH(ꛈj)]Vꇥ(qj)(ꛈj)1+ꚷꇥ(Q)6[ꛈj+ꛅH(ꛈj)]Vꇥ(qj)j=1ꆡꆡ힢틢떽,몣죻뻘헳ꚰqq캪뢺뚨,틲듋웤쓦헳ꚰ-1qq춬퇹캪뢺뚨ꆣ쯹틔뛔죎뫎럇쇣쿲솿ꛃ,뿉뗃ꛃTꚰ1-1qqꛃ=ꛃTꚣ-1-ꚷꇥꛃꆤꛃTꚣ-(Qꚣ-1)1+ꚷꇥ(Q)ꛃTꚣ-1ꛃꛃ=ꛃTꚣ-1ꛃ1+ꚷꇥ(Q)ꛃTꚣ-1ꛃ<0.ꆡꆡ틲캪Vꇥ(ꆤ)<0,쯹틔ꛃTꚣ-1ꛃ<0,틲듋ꛑ뗄럖쒸캪헽,벴
ꆡ650뺭볃톧(벾뾯)뗚8뻭n1+ꚷꇥ(Q)ꛃTꚣ-1ꛃ=1+ꚷꇥf(ꛈj)(Q)6>=1[ꛈj+ꛁH(ꛈj)]Vꇥ(qj)쯹틔,닎쫽ꛑ틔벰dqidꛅ뗄럻뫅평ꚷꇥ(Q)뻶뚨ꆣ1.죧ꚷꇥ(Q)>0퓲ꛑdq<i0,dꛅ>0,헢뇭쏷qSBi<qFBiꆣ2.죧ꚷꇥ(Q)<0퓲ꛑ>0,틲캪H(ꛈ1)Vꇤ(q1)>H(ꛈ2)Vꇤ(q2)>ꆭ>H(ꛈn)Vꇤ(qn),쯹틔nf(ꛈj)H(ꛈj)Vꇤ(qj)6[ꛈj+ꛁH(ꛈj)]Vꇥ(qj)j=10=H(ꛈn)Vꇤ(qn)<ꛑ<n<H(ꛈ1)Vꇤ(q1),f(ꛈj)6[ꛈj+j=1ꛁH(ꛈj)]Vꇥ(qj)틲듋듦퓚캨튻뗄3iꇊ{1,2,ꆭ,n},쪹뗃i>3i쪱,ꛑ>H(ꛈi)Vꇤdqi(qi),dꛅ<0,맊뛸qSBi>qFBi;i<3i쪱dqi,ꛑ<H(ꛈi)Vꇤ(qi),dꛅ>0,맊뛸qSBi<qFBiꆣ3.죧ꚷꇥ(Q)=0,퓲ꛑ=0,듓뛸dqndq0,dꛅ=idꛅ>0,Πi<n,헢뇭쏷qSBn=qFBn,qSBi<qFBi,Πi<nꆣQ쿠뛔폚ꛅ뗄튻뷗떼쫽캪ndQꛑ-H(ꛈi)Vꇤ(qi)f(ꛈi)dꛅ=6i=ꛈ1i+ꛅH(ꛈi)Vꇥ(qi)nꚷꇥf(ꛈj)H(ꛈj)Vꇤ(qj)(Q)6j=1[ꛈj+ꛅH(ꛈj)]Vꇥ(qj)=nf(ꛈj)1+ꚷꇥ(Q)6j=1[ꛈj+ꛅH(ꛈj)]Vꇥ(qj)nnꆡꆤf(ꛈi)f(ꛈi)H(ꛈi)Vꇤ(qi)6ꛈ-i+ꛅH(ꛈi)Vꇥ(qi)6i=1i=1ꛈi+ꛅH(ꛈi)Vꇥ(qi)nf(ꛈi)H(ꛈi)Vꇤ(qi)6ꛈi+ꛅH(ꛈi)Vꇥ(qi)=i=1-n>0.(28)f(ꛈi)1+ꚷꇥ(Q)6i=1ꛈi+ꛅH(ꛈi)Vꇥ(qi)맊뛸,컞싛췸싧쫇럱펵벷,QSB<QFBꆣꆡꆡ뢽슼Eꆡ쏼쳢4뗄횤쏷ꆡꆡ횤쏷ꆡ퓚맦뮮컊쳢(P5)훐,뿉쓜돶쿖뗄뷴풼쫸캪IR(ꛈ),IR(ꛈ),IC(ꛈ)뫍IC(ꛈ)뗄죎틢ퟩ뫏,캪쇋복짙탨튪쳖싛뗄쟩탎쫽,컒쏇쿈룸돶틔쿂틽샭ꆣ틽샭2ꆡq=
q,t=t뗄믬춬뫏풼(poolingcontract)늻쫇ퟮ폅뗄ꆣ횤쏷ꆡ볙짨ퟮ폅뫏풼훐뻟폐쿠춬뗄쿻럑솿뫍쫕럑:q=
q=q,t=t=tꆣ퓲믡돶쿖솽훖쟩탎:(1)ꛈVꇤ(q)>cꆣ붫
q퓶볓ꚤ,뛸붫쫕럑퓶볓ꛈVꇤ(q)ꚤ,퓲ꛈ샠탍쿻럑헟킧폃쮮욽늻뇤ꆣꛈ샠탍뗄쿻럑헟퓚뫏풼(q,t)훐뻟폐룼룟뗄뇟볊쳦듺싊,쯹틔헢훖탂엤훃쫇벤샸쿠죝
뗚2웚쏏듳컄ꆢ쳯맺잿:췸싧췢늿탔폫럇쿟탔뚨볛ꆡ651뗄ꆣ좻뛸,헢룶탂엤훃믡쪹뎧짌뗄쫕틦퓶볓(1-v)[ꛈVꇤ(q)-c]ꚤꆣ(2)ꛈVꇤ(q)ꇜc,ꛈVꇤ(q)<cꆣ퓲쪹q퓶볓ꚤ,늢쟒뗷헻t틔쪹ꛈ샠탍쿻럑헟뒦폚쿠춬뗄컞닮틬쟺쿟짏ꆣ퓲웳튵뗄ퟜ쫕틦붫퓶볓[c-ꛈVꇤ(q)]ꚤꆣ틔짏솽훖쟩탎폫(q,t)캪듎폅뫏풼뗄쫂쪵쿠쎬뛜ꆣ틲듋믬춬뫏풼럇폅ꆣ틽샭3ꆡ죧맻캪솽샠쿻럑헟쯹쳡릩뗄뫏풼늻춬,퓲솽룶벤샸쿠죝풼쫸늻뿉쓜춬쪱캪뷴ꆣ횤쏷ꆡ죔펦폃랴횤램ꆣ볙짨솽훖샠탍쿻럑헟뗄벤샸풼쫸뚼캪뷴,퓲평ꛈV(q)-t+ꚷ(Q)=ꛈV(
q)-t+ꚷ(Q)뫍ꛈV(
q)-t+ꚷ(Q)=ꛈV(q)-t+ꚷ(Q)뿉뗃:q=
q,t=tꆣ듓뛸돶쿖믬춬뫏풼,뛸헢훖쟩뿶틑뺭놻틽샭2쯹업돽ꆣ틽샭4ꆡ춬튻훖샠탍뗄벤샸쿠죝풼쫸뫍닎폫풼쫸늻뿉쓜춬쪱쯉돚ꆣ횤쏷ꆡ죧IR(ꛈ)뫍IC(ꛈ)춬쪱캪쯉돚,퓲붫t(ꛈ)ퟷ캢킡퓶볓늻믡웆뮵죎뫎풼쫸,떫웳튵뗄쫕틦붫퓶볓,듓뛸뗃돶쎬뛜ꆣ펦폃틔짏죽쳵틽샭,믡돶쿖틔쿂컥훖뿉탐쟩탎,죧뇭1쯹쪾ꆣ뇭1ꆡ컥훖뿉쓜쟩탎풼쫸쟩탎1쟩탎2쟩탎3쟩탎4쟩탎5IR(ꛈ)BBBBSIR(ꛈ)SBBBBIC(ꛈ)SSSBBIC(ꛈ)BBSSSꆡꆡ뇭훐뗄ꆰBꆱ듺뇭ꆰ뷴풼쫸ꆱ(bindingconstraint),ꆰSꆱ듺뇭ꆰ쯉돚풼쫸ꆱ(slackconstraint)ꆣ쯦ퟅ킧폃횮닮ꚤG뗄퓶볓,믡틀듎돶쿖쟩탎1훁5,뛸ꚤG놾짭쯦ퟅ잱퓚뷸죫헟뇟볊돉놾ꛘ뗄뇤뮯뛸뇤뮯ꆣ캪쇋뷒쪾닎쫽ꛘ뛔퓚캻뎧짌럇쿟탔뚨볛닟싔뗄펰쿬,컒쏇룸돶틔쿂솽쳵틽샭ꆣ틽샭5쮵쏷퓚컥훖뿉쓜쟩탎쿂ꚤG뗄늻춬좡횵ꆣ틽샭6퓲뇭쏷ꛘ뛔ꚤG뗄펰쿬ꆣ틽샭5ꆡ퓚컥훖뿉쓜뗄쟩탎쿂,ퟮ폅럇쿟탔뚨볛뫏풼틔벰킧폃횮닮ꚤG럖뇰캪:1.뛔쟩탎1,컊쳢P(5)뗄뷢캪q=qSB,
q=
qSB;U=G,U=G+ꚤꛈV(qSB)ꆣ킧폃횮닮싺ퟣ:ꚤG<ꚤꛈV(qSB)ꆣ2.뛔쟩탎2,쿻럑솿q뫍
q평쿂쪽뻶뚨:q=V-1ꚤGꚤꛈ,(29)ꛈVꇤ(
q)+ꚷꇤ(vq+(1-v)
q)=c,웤훐qꇊqSB,qFB,
qꇊ[
qFB,
qSB]ꆣ쿻럑헟쯹믱뗄탅쾢ퟢ뷰캪U=G,U=Gꆣ킧폃횮닮싺ퟣ:ꚤꛈV(qSB)ꇜꚤGꇜꚤꛈV(qFB)ꆣ3.뛔쟩탎3,듎폅뫏풼캪q=qFB,
q=
qFB;U=G,U=Gꆣ킧폃횮닮싺ퟣ:V(qFB)<ꚤG<ꛈV(
qFB)ꆣ4.뛔쟩탎4,듎폅쿻럑솿q뫍
q평쿂쪽룸돶:
q=V-1ꚤGꚤꛈ,(30)ꛈVꇤ(q)+ꚷꇤ(vq+(1-v)
q)=c,쟒싺ퟣqꇊ[qCI,qFB],
qꇊ[
qFB,
qCI]ꆣ쿻럑헟쯹믱뗃뗄탅쾢ퟢ뷰캪U=G뫍U=Gꆣ킧폃횮닮싺ퟣ:ꚤꛈV(
qFB)ꇜꚤGꇜꚤꛈV(
qCI)ꆣ
ꆡ652뺭볃톧(벾뾯)뗚8뻭5.뛔쟩탎5,ퟮ폅뫏풼쫇:q=qCI,
q=
qCI,U=G-ꚤꛈV(
qCI),U=Gꆣ킧폃횮닮싺ퟣ:ꚤG>ꛈV(
qCI),웤훐qCI뫍
qCI평쿂쪽룸돶:ꛈVꇤ(qCI)+ꚷꇤ(vqCI+(1-v)
qCI)=c,ꛈ(31)+vꚤꛈVꇤ(
qCI)+ꚷꇤ(vqCI+(1-v)
qCI)=-vꆡꆡ횤쏷1.퓚쟩탎1훐,IR(ꛈ)뫍IC(ꛈ)캪뷴,쟳뷢P(5)뿉뗃듎폅뫏풼:{q=qSB,
q=
qSB;U=G,U=G+ꚤꛈV(qSB)},웤훐ꚤG<ꚤU=ꚤꛈV(qSB)ꆣ2.퓚쟩탎2훐,IR(ꛈ)ꆢIR(ꛈ)뫍IC(ꛈ)캪뷴풼쫸ꆣ퓲뫏풼탎쪽캪{(q,
q,U,U):ꚤꛈV(q)=ꚤG,ꛈV(
q)+ꚷꇤ(Q)=c;U=G,U=G}.ꆡꆡ붫IR(ꛈ)뫍IR(ꛈ)듺죫쒿뇪몯쫽,퓲컊쳢P(5)뗄삭룱샊죕몯쫽캪L(q,
q)=v[ꛈV(q)-cq]+(1-v)[ꛈV(
q)-c
q]ꆡ+ꚷ(Q)-[vG+(1-v)G]+ꛋ[ꚤG-ꚤꛈV(q)],웤훐ꛋ>0쫇뷴풼쫸IC(ꛈ)쯹뛔펦뗄삭룱샊죕돋ퟓꆣ퓲쿻럑솿q뫍
q평쿂쪽뻶뚨:ꛈꛋ-ꚤꛈVꇤ(q)+ꚷꇤ(vq+(1-v)
q)=c,v(32)ꛈVꇤ(
q)+ꚷꇤ(vq+(1-v)
q)=c.틲캪ꛈꛋ-<ꛈ,듓(20)죝틗퇩횤q<qFB,
q>
qFBꆣ붫IR(ꛈ)뫍IC(ꛈ)듺죫P(5)뗄쒿뇪몯쫽v늢쟒쇮ꛄ>0뇭쪾뷴풼쫸IR(ꛈ)쯹뛔펦뗄삭룱샊죕돋ퟓ,뿉뗃삭룱샊죕몯쫽죧쿂:L(q,
q)=v[ꛈV(q)-cq]+(1-v)[ꛈV(
q)-c
q]ꆡ+ꚷ(Q)-[vG+(1-v)(G+ꚤꛈV(q))]+ꛄ[ꚤꛈV(q)-ꚤG].ꆡꆡq뫍
q뻶뚨죧쿂:ꛈ1-v-ꛄ-ꚤꛈVꇤ(q)+ꚷꇤ[vq+(1-v)
q]=c,v(33)ꛈVꇤ(
q)+ꚷꇤ[vq+(1-v)
q]=c.틲캪ꛈ1-v-ꛄ-ꚤꛈ>ꛈ1-v-ꚤꛈ,듓뇭듯쪽(20)뿉뗃q>qSB,
q<
qSBꆣ틔짏췆떼ퟣ틔횤쏷vvꚤꛈV(qSB)ꇜꚤGꇜꚤꛈV(qFB)ꆣ3.퓚쟩탎3훐,IR(ꛈ)뫍IR(ꛈ)캪뷴풼쫸ꆣ퓲듎폅뫏풼캪{(q,
q,U,U):q=qFB,
q=
qFB;U=G,U=G}.ꆡꆡ틲캪솽룶벤샸쿠죝풼쫸뚼쫇쯉돚뗄,쯹틔뿉틔퇩횤ꚤG싺ퟣꚤꛈV(qFB)<ꚤG<ꚤꛈV(
qFB)ꆣ
뗚2웚쏏듳컄ꆢ쳯맺잿:췸싧췢늿탔폫럇쿟탔뚨볛ꆡ6534.퓚쟩탎4훐,IR(ꛈ)ꆢIR(ꛈ)뫍IC(ꛈ)캪뷴ꆣퟮ폅뫏풼캪{(q,
q,U,U):ꚤꛈV(
q)=ꚤG,ꛈV(q)+ꚷꇤ(Q)=c;U=G,U=G}.ꆡꆡ붫IR(ꛈ)뫍IR(ꛈ)듺죫쒿뇪몯쫽,쇮ꛌ>0뇭쪾폫뷴풼쫸IC(ꛈ)쿠뛔펦뗄삭룱샊죕돋ퟓ,퓲뿉릹퓬죧쿂삭룱샊죕몯쫽:L(q,
q)=v[ꛈV(q)-cq]+(1-v)[ꛈV(
q)-c
q]+ꚷ(Q)ꆡ-[vG+(1-v)G]+ꛌ[ꚤꛈV(
q)-ꚤG].틲듋,q뫍
q평쿂쪽뻶뚨:ꛈVꇤ(q)+ꚷꇤ(vq+(1-v)
q)=c,ꛈ(34)+ꛌꚤꛈVꇤ(
q)+ꚷꇤ(vq+(1-v)
q)=-vꆡꆡ붫IR(ꛈ)뫍IC(ꛈ)듺죫쒿뇪몯쫽,틔ꛇ>0뇭쪾폫뷴풼쫸IR(ꛈ)쿠뛔펦뗄삭쫏돋ퟓ,퓲뿉릹퓬죧쿂몯쫽:L(q,
q)=v[ꛈV(q)-cq]+(1-v)[ꛈV(
q)-c
q]+ꚷ(Q)ꆡ-[v(G-ꚤꛈV(
q))+(1-v)G]+ꛇꚤG-ꚤꛈV(
q).퓲q뫍
q뿉평쿂쪽뻶뚨:ꛈVꇤ(q)+ꚷꇤ(vq+(1-v)
q)=c,ꛈ(35)+v-ꛇꚤꛈVꇤ(
q)+ꚷꇤ(vq+(1-v)
q)=-vꆡꆡ캪쇋뇈뷏늻춬쿻럑쮮욽,컒쏇뷸탐죧쿂뗄뇈뷏뺲첬럖컶ꆣ쇮ꛈVꇤ(q)+ꚷꇤ(vq+(1-v)
q)=c,ꛂVꇤ(
q)+ꚷꇤ(36)(vq+(1-v)
q)=c.ꛂ=ꛈ쪱,뿉뗃qFB뫍
qFB;죧ꛂ=ꛈv+ꚤꛈ,퓲웤폫늹뎥벤샸쿻럑쮮욽qCI,
qCI뛔펦ꆣ1-v붫(36)쪽솽뛋뛔ꛂ쟳떼,뗃ꛈVꇥ(q)+vꚷꇥdq(Q)dꛂ+(1-v)ꚷꇥ
q(Qd)dꛂ=0,(37)vꚷꇥdq(Q)dꛂ+[ꛂVꇥ(
q)+(1-v)ꚷꇥ(Qd
q)]dꛂ=-Vꇤ(q).평듋뿉뗃dq(1-v)Vꇤ(q)ꚷꇥ(Q)dꛂ=ꛂVꇥ(q)[ꛈVꇥ(q)+vꚷꇥ(Q)]+(1-v)ꛈVꇥ(q)ꚷꇥ(Q<0,)d
q-Vꇤ(q)[ꛈVꇥ(38)(q)+vꚷꇥ(Q)]ꛂ>ꛂ=Vꇥ(q)[ꛈVꇥ(q)+vꚷꇥ(Q)]+(1-v)ꛈVꇥ(q)ꚷꇥ(Q)틲캪ꛈꛌ+ꚤꛈv-ꛇ>ꛈ,ꛈ+ꚤꛈv<ꛈ+ꚤꛈ,쯹틔죝틗퇩횤:
q>
qFB,q<qFB,
q<
qCI,q1-v1-v1-v
ꆡ654뺭볃톧(벾뾯)뗚8뻭>qCIꆣ틲듋,ꚤG=ꚤꛈV(
q)ꇊ[ꚤꛈV(
qFB),ꚤꛈV(
qCI)]ꆣ5.퓚쟩탎5훐,IR(ꛈ)뫍IC(ꛈ)캪뷴풼쫸,붫U=G뫍U=G-ꚤꛈV(
q)듺죫쒿뇪몯쫽뿉뗃틔쿂뗄튻뷗쳵볾:ꛈVꇤ(q)+ꚷꇤ(vq+(1-v)
q)=c,ꛈ(39)+vꚤꛈ)Vꇤ(
q+ꚷꇤ(vq+(1-v)
q)=-v헢쫇늹뎥벤샸쿻럑쮮욽ꆣ힢틢떽,ꛈv+ꚤꛈ>ꛈ,틲듋평(38)쪽뿉뗃:qFB>qCI,
qFB<1-v
qCIꆣ놣쇴킧폃횮닮싺ퟣ:ꚤG>ꚤU=ꚤꛈV(
qCI)ꆣ틔쿂춼2ꆪ춼6쫇뛔틔짏컥훖쟩탎뗄쏨쫶ꆣ춼2ꆡ쟩탎1ꆡꚤG<ꚤꛈV(qSB)춼3ꆡ쟩탎2ꆡꚤꛈV(qSB)ꇜꚤGꇜꚤꛈV(qFB)
뗚2웚쏏듳컄ꆢ쳯맺잿:췸싧췢늿탔폫럇쿟탔뚨볛ꆡ655춼4ꆡ쟩탎3ꆡꚤꛈV(qFB)<ꚤG<ꛈV(
qFB)춼5ꆡ쟩탎4ꆡꚤꛈV(
qFB)ꇜꚤGꇜꚤꛈV(
qCI)틽샭6ꆡ짨V(0)=0,Vꇤ(ꆤ)>0,Vꇥ(ꆤ)<0,쟒V(ꆤ)싺ퟣ뇪ힼ뗄떾쳯쳵볾(Inadacon2ditions):limqꇺ+ꇞVꇤ(q)=0,limqꇺVꇤ(q)=+ꇞꆣ퓲킧폃횮닮ꚤG=G-G쯦ퟅ뇟볊돉놾ꛘ뗄퓶볓0뛸뗝복ꆣ쟒ꛘliꇺmꚤG=+ꇞ,0ꛘlꇺim+ꇞꚤG=0ꆣ횤쏷ꆡ컊쳢G3(ꛈ)=max[ꛈV(q)-ꛘq]뗄튻뷗쳵볾캪ꛈVꇤ(q3)=ꛘꆣ쯹틔죆맽쿖폐쿻럑q췸싧룸쿻럑헟듸살뗄ퟮ듳킧폃캪:G3(ꛈ)=ꛈ[V(q3(ꛈ))-q3(ꛈ)Vꇤ(q3(ꛈ))]ꆣ쇮ꚵ(q)=V(q)-qVꇤ(q)ꆣ퓲ꚤG=G3(ꛈ)-G3(ꛈ)=ꛈꚵ(
q3)-ꛈꚵ(q3),웤쿠뛔폚닎쫽ꛘ뗄튻뷗떼쫽캪dꚤGdq3q3d
q3)dꛘ-ꛈꚵꇤ(q3)dꛘ=ꛈꚵꇤ(
dꛘdq3=3-ꛈ
qVꇥ(
q3d
q3)+ꛈq3Vꇥ(q3)dꛘdꛘ
ꆡ656뺭볃톧(벾뾯)뗚8뻭춼6ꆡ쟩탎5ꆡꚤG>ꛈV(
qCI)=-ꛈ
q3Vꇥ(
q31)ꛈ+ꛈq3Vꇥ(q31)Vꇥ(
q3)ꛈVꇥ(q3)=-
q3+q3<0.죝틗퇩횤,떱쳵볾V(0)=0,Vꇤ(ꆤ)>0,Vꇥ(ꆤ)<0,limqꇺ+ꇞVꇤ(q)=0뫍limqꇺVꇤ(q)=+ꇞ싺0ퟣ쪱,ꛘliꇺmꚤG=+ꇞ,0ꛘlꇺim+ꇞꚤG=0ꆣ듓틔짏틽샭뿉볻,죧맻잱퓚뷸죫헟뗄뺺헹솦퓶잿,늻춬샠탍쿻럑헟횮볤뗄놣쇴킧폃횮닮붫듓쇣퓶볓떽컞쟮ꆣ틲뛸,듦퓚헽횵ꛘi,i=1,2,3,4,싺ퟣꛘ1<ꛘ2<ꛘ3<ꛘ4쟒럖뇰폫ꚤꛈV(
qCI),ꚤꛈV(
qFB),ꚤꛈV(qFB)뫍ꚤꛈV(qSB)뛔펦ꆣ웤훐
qCI,
qFB,qFB,qSB평(15)쪽,(3)쪽뫍(4)쪽룸돶ꆣ춼7쏨믦쇋ꛘ뫍ꚤG횮볤뗄몯쫽맘쾵ꆣ춼7ꆡꛘ뛔ꚤG뗄펰쿬
뗚2웚쏏듳컄ꆢ쳯맺잿:췸싧췢늿탔폫럇쿟탔뚨볛ꆡ657뷡뫏틽샭5뫍틽샭6컒쏇뿉횤쏷쏼쳢4ꆣ닎뾼컄쿗[1]Baron,D.,.,ꆰRegulatingaMonopolistwithUnknownCostsꆱ,Econometrica,1982,50(4),911ꆪ930.[2]Csorba,G.,ꆰScreeningContractsinThePresenceofPositiveNetworkEffectsꆱ,InternationalJournalofIndustrialOrganization,2008,26(1),213ꆪ226.[3]Farrell,J.,,ꆰStandardization,Compatibility,andInnovationꆱ,RandJournalofEconomics,1985,16(1),70ꆪ83.[4]Fudenberg,D.,,ꆰPricingaNetworkGoodtoDeterEntryꆱ,JournalofIndustrialE2conomics,2000,48(4),373ꆪ390.[5]Hahn,J2H.,ꆰNonlinearPricingofTelecommunicationwithCallandNetworkExternalitiesꆱ,In2ternationalJournalofIndustrialOrganization,2003,21(7),949ꆪ967.[6]Katz,M.,,ꆰNetworkExternalities,CompetitionandContractingꆱ,AmericanE2conomicReview,1985,75(3),424ꆪ440.[7]Laffont,J.,,ꆰOptimalBypassandCreamSkimmingꆱ,AmericanEconomicReview,1990,80(5),1042ꆪ1061.[8]Lewis,T.,,ꆰCountervailingIncentivesinAgencyProblemsꆱ,JournalofEco2nomicTheory,1989,49(2),294ꆪ313.[9]Lockwood,B.,ꆰProductionExternalitiesandTwo2wayDistortioninPrincipal2multi2agentProb2lemsꆱ,JournalofEconomicTheory,2000,92(1),144ꆪ166.[10]Maggi,G.,andA,Rodriguez2Clare.,ꆰOncountervailingincentivesꆱ,JournalofEconomicTheo2ry,1995,66(1),238ꆪ263.[11]Maskin,E.,,ꆰMonopolywithIncompleteInformationꆱ,RandJournalofEconom2ics,1984,15(2),171ꆪ196.[12]Milgrom,P.,,ꆰMonotoneComparativeStatisticsꆱ,Econometrica,1994,62(1),157ꆪ180.[13]Mussa,M.,,ꆰMonopolyandProductQualityꆱ,JournalofEconomicTheory,1978,18(2),301ꆪ317.[14]Myerson,R.,ꆰOptimalAuctionDesignꆱ,MathematicsofOperationsResearch,1981,6(1),58ꆪ73.[15]Rochet,J2C.,,ꆰNonlinearPricingwithRandomParticipationꆱ,ReviewofEconomicStudies,2002,69(1),277ꆪ311.[16]Segal,I.,ꆰContractingwithExternalitiesꆱ,QuarterlyJournalofEconomics,1999,114(2),337ꆪ388.[17]Segal,I.,ꆰCoordinationandDiscriminationinContractingwithExternalities:DivideandCon2querꆱ,JournalofEconomicTheory,2003,113(2),147ꆪ181.[18]Sundararajan,A.,ꆰNonlinearPricingandType2dependentNetworkEffectsꆱ,EconomicsLetters,2004,83(1),107ꆪ113.[19]Topkis,D.,,NJ:PrincetonUniversityPress,1998.
ꆡ658뺭볃톧(벾뾯)뗚8뻭NonlinearPricingwithNetworkExternalitiesandCountervailingIncentivesDAWENMENG(ShanghaiInstituteofForeignTrade)GUOQIANGTIAN(TexasA&MUniversity,ShanghaiUniversityofFinanceandEconomics)Abstractꆡ,itisshownthatanoptimalconsumptionschemeexhibitsapatternofꆰtwo2waydistor2tionꆱ,ꆰnodistortiononthetopꆱ,orꆰone2waydistortionꆱifandonlyifthenetworkiscon2gestible,ꆡD42,D62,D82
