뗚7뻭뗚4웚뺭볃톧(벾뾯)Vol17,No142008쓪7퓂ChinaEconomicQuarterlyJuly,2008탅쾢폅쫆ꆢ쫐뎡풤웚폫맺폐짌튵틸탐뗄뺭펪튵벨ꆪꆪꆪ믹폚늻췪좫탅쾢Cournot믬뫏맑햼쒣탍뗄럖컶뫮쿾믔ꆡ훜쿨틭ꆡ벧짽솼3햪ꆡ튪ꆡ놾컄믹폚늻췪좫탅쾢Cournot믬뫏맑햼쒣탍잰햰탔뗘럖컶쇋맺폐짌튵틸탐쯹펵폐뗄훐맺듦뿮쫐뎡탅쾢폅쫆폫늻뻟폐탅쾢폅쫆뗄췢틸탐뛔헢킩쫐뎡탅쾢풤웚뗄뇤뮯붫뛔맺폐짌튵틸탐뗄뺭펪튵벨듸살퓵퇹뗄펰쿬,틔벰맺폐짌튵틸탐뗄탅쾢폅쫆쫇럱뇘좻믡뮯캪폫췢틸탐뷸탐닟싔탔뺺헹훐뗄뺺헹폅쫆뗈훘튪컊쳢ꆣ퇐뺿랢쿖,퓚쿖쪵쳵볾쿂,폫늻뻟놸탅쾢폅쫆쪱쿠뇈,펵폐듦뿮쫐뎡릩룸탐쟩뗄탅쾢폅쫆믡쪹뗃맺폐짌튵틸탐듳쳥짏믱뗃룼뛠뗄뻹뫢샻죳;뛸떱맺폐짌튵틸탐펵폐듦뿮릩룸샻싊쏴룐탔랽쏦뗄탅쾢폅쫆쪱,퓚튻뚨쳵볾쿂,맺폐짌튵틸탐뗄탅쾢폅쫆랴뛸폐뿉쓜뇤캪뺺헹쇓쫆ꆣꆡꆡ맘볼듊ꆡ탅쾢폅쫆,믬뫏맑햼,틸탐뺺헹튻ꆢ틽ꆡꆡ퇔쯦ퟅ2006쓪12퓂11죕ꆶ훐뮪죋쏱릲뫍맺췢틸탐맜샭쳵샽ꆷ뗄헽쪽쪵탐,훐맺틸탐튵펭살쇋쿲췢틸탐좫쏦뾪럅뗄탂쪱웚ꆣ캪쇋펦뛔룼볓벤쇒뗄뺺헹,훐맺쯄듳맺폐짌튵틸탐틑뺭슽탸뷸탐쇋막럝훆룄룯ꆣ웤훐,냼삨틑쿈뫳뾪쪼뷸탐막럝훆룄룯뗄쯄듳맺폐짌튵틸탐퓚쓚뗄맺쓚룷볒막럝훆짌튵틸탐,뻍쯼쏇뗄막좨뷡릹뫍닺좨훆뛈쳘헷뛸퇔,웤(냼삨훐퇫폫뗘랽솽벶뗄)맺폐막럝쯹햼뗄뇈샽뷏듳,뒦폚뻸뛔뿘막뗘캻(췵춢뿆뫍헅탱퇴,2002;튶솢탂,2003;쯎,2003),늢쟒램죋막뗄돖폐헟튲뻸듳뛠쫽캪맺폐릫쮾(샮킡뻽,2004)ꆣ폫듋춬쪱,쯤좻룹뻝2001쓪12퓂맺볒볆캯ꆶ맘폚듙뷸뫍틽떼쏱볤춶3뫮쿾믔ꆢ훜쿨틭,컷낲붻춨듳톧뷰뫌뺭볃퇐뺿훐탄;벧짽솼,컷낲릤튵듳톧맜샭톧풺ꆣ춨탅ퟷ헟벰뗘횷:뫮쿾믔,컷낲쫐쿌쓾컷슷28뫅컷낲붻춨듳톧1787탅쿤,710049;뗧뮰:13991900316;E2mail:hxiaoh2006@ꆣ놾컄쫜컷낲붻춨듳톧ꆰ985릤돌ꆱ뛾웚(쿮쒿뇠뫅:07200701)폫뷌폽늿죋컄짧믡뿆톧퇐뺿쿮쒿ꆰ컒맺맺폐짌튵틸탐킧싊룄짆뗄훆뛈낲업벰헾닟붨틩ꆱ(엺ힼ뫅:05JA790065)훺ꆣ퓚듋쳘뇰쿲첨췥쟥뮪듳톧볆솿닆컱뷰죚쾵헅맺욽뷌쫚폫첨췥룟탛듳톧펦폃뺭볃톧쾵췵럯짺뷌쫚쯹룸폨컒쏇뗄맘볼탔웴랢뫍냯훺훂킻,늢룐킻쓤쏻짳룥죋뗄붨틩뫍움싛ꆣ떱좻,컄퓰ퟔ뢺ꆣ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
1ꆡ374뺭볃톧(벾뾯)뗚7뻭뗄죴룉틢볻ꆷ,ꆰ랲쫇맄샸뫍퓊탭췢짌춶뷸죫뗄쇬폲,뻹펦맄샸뫍퓊탭쏱볤춶뷸죫ꆱ,떫쫇퓚쪵볹짏,쏱펪틸탐뮹춣쇴퓚쟸폲탔쫔뗣뗄뷗뛎;탭뛠톧헟튲죏캪,본폚틸탐튵뻟폐쳘쫢뗄럧쿕탔,춬쪱쏱펪놾뗄뷸죫뮹뿉쓜뷸튻늽떼훂헾훎럧쿕뫍맺폐틸탐쳥쾵럧쿕뗄ퟜ놬랢,틔벰훐맺뷰죚볠맜훆뛈짐캴췪짆뗈룷훖맋싇,뛌웚쓚뾪럅쏱펪틸탐ힼ죫늢럇튻훖쿖쪵뿉탐뗄톡퓱(췵ퟔ솢,2002;퇮쿾맢뫍슬쫚폀,2003;쟱헗쿩,2003;쳀쏴,2005)ꆣ웤쪵헽죧컒쏇쯹횪,훐맺뒦폚뺭볃맬쪱웚,탅폃컄뮯좱쪧,쿠펦뗄듦뿮놣쿕훆뛈짐캴붨솢,쏱펪틸탐뗄럧쿕맜샭벼쫵폖쿠뛔실뫳;볓횮쏱펪틸탐퓚맦쒣ꆢ췸뗣짨훃ꆢ뺭펪맜샭뗈훮뛠랽쏦폫맺폐짌튵틸탐뫍췢틸탐쿠뇈듦퓚쿔훸닮뻠,평쏱볤놾뿘막뗄쏱펪틸탐좷쪵뫜쓑퓚뛌웚쓚돉캪훐맺틸탐튵뺺헹훐뗄튻횧훷쳥탔뗄솦솿ꆣퟛ뫏틔짏맘폚훐맺틸탐튵뺺헹훷쳥뗄럖컶,컒쏇퓚놾컄쓚붫훐맺틸탐튵뗄뺺헹룱뻖샭싛돩쿳캪튻볒듺뇭탔뗄췢틸탐폫튻볒듺뇭탔뗄맺폐막믲맺폐램죋막햼뿘막뗘캻뗄맺폐짌튵틸탐횮볤뗄뺺헹ꆣ1뛸퓚틑폐뗄컄쿗훐,컒쏇튲늻쓑헒떽냑쫐뎡뷡릹돩쿳캪솽룶뺺헹훷쳥(duopoly)살볓틔퇐뺿뗄쿈샽(CornesandSepahvand,2003;뎣폱뒺,2005)ꆣ폫췢틸탐뇈뷏뛸퇔,맺폐짌튵틸탐튻랽쏦뻟폐퓚ힷ쟳ퟔ짭샻죳ퟮ듳뮯뗄춬쪱뮹튪볦맋듦뿮쫐뎡짧믡뢣샻뗄쮫훘뺭펪쒿뇪,쇭튻랽쏦,맺폐짌튵틸탐뎤웚횲룹폚훐맺,폐ퟅ잿듳뗄헾뢮놳뺰ꆢ볜릹췪짆뗄럾컱췸싧뫍맣랺뗄뿍뮧믹뒡,틲뛸뛔놾췁쫐뎡죏쪶짮뿌,뻟폐뺺헹훐뗄탅쾢폅쫆ꆣ쓇쎴맺폐짌튵틸탐쯹펵폐뗄맘폚훐맺듦뿮쫐뎡ꆪꆪꆪ듦뿮쫐뎡릩룸탐쟩뫍쫐뎡짏듦뿮릩룸솿퓶볓뗄샻싊쏴룐탔ꆪꆪꆪ뗄탅쾢폅쫆,틔벰늻뻟폐탅쾢폅쫆뗄췢틸탐뛔헢킩쫐뎡탐쟩풤웚뗄뇤뮯,뛔맺폐짌튵틸탐뗄뺭펪튵벨뚼폐ퟅ퓵퇹뗄펰쿬?맺폐짌튵틸탐뗄탅쾢폅쫆쫇럱뇘좻믡뮯캪폫췢틸탐뷸탐닟싔탔뺺헹훐뗄뺺헹폅쫆?뗈뗈,헢킩뚼쫇컒쏇퓚놾컄훐붫튪쳖싛뗄컊쳢,뛸룹뻝컒쏇헆컕뗄쇏살뾴,쿖폐뗄틸탐뺺헹샭싛컄쿗뚼캴뛔듋뷸탐맽퇏뷷뗄틸탐닺튵ퟩ횯쒣탍럖컶ꆣ놾컄뗄뷡릹죧쿂:뗚뛾늿럖쫇쿠맘샭싛컄쿗뗄ퟜ뷡믘맋;뗚죽늿럖,컒쏇붨솢쇋튻룶맺폐짌튵틸탐뛔듦뿮쫐뎡릩룸탐쟩뻟폐탅쾢폅쫆뗄늻췪좫탅쾢Cournot믬뫏맑햼쒣탍;퓚뗚쯄늿럖훐,붨솢쇋튻룶맺폐짌튵틸탐펵폐쫐뎡짏듦뿮릩룸솿퓶볓뗄샻싊쏴룐탔탅쾢폅쫆뗄Cournot믬뫏맑햼쒣탍;ퟮ뫳쫇뛔놾컄랢쿖쏼쳢뗄ퟜ뷡ꆣ1폚솼뒺뫍뻏풴(2000)틔벰듞쿾럥(2005,뗚58ꆪ114튳)뗄퇐뺿뇭쏷,훐맺틸탐튵ퟜ쳥짏돊쿖돶맑햼뗄쫐뎡뷡릹쳘헷ꆣ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
뗚4웚뫮쿾믔뗈:탅쾢폅쫆폫맺폐짌튵틸탐뗄튵벨1ꆡ375뛾ꆢ컄쿗믘맋컞싛쫇랢듯맺볒뮹쫇랢햹훐맺볒,퓚튻룶탐튵훐,춨뎣뚼듦퓚튻룶맺폐뎧짌(맺볒뿘막)폫죴룉룶쮽펪뎧짌쿠뺺헹뗄쟩뿶;믲쫇튻룶늿럖쮽폐뮯뗄뎧짌폫죴룉룶쮽펪뎧짌쿠뺺헹ꆣ샽죧:뗧탅ꆢ뗧솦ꆢ웻뎵ꆢ룖쳺ꆢ놣쿕ꆢ틸탐튵뗈ꆣ룹뻝쿠맘컄쿗,컒쏇냑퓚튻룶닺튵훐,췪좫ힷ쟳짧믡뢣샻ퟮ듳뮯믲쫇틔짧믡뢣샻ퟷ캪쒿뇪횮튻뗄뎧짌폫죴룉룶틔샻죳ퟮ듳뮯캪캨튻쒿뇪뗄뎧짌릲듦늢쟒쿠뮥뺺헹뗄쫐뎡뷡릹탎첬돆캪믬뫏맑햼(mixedoligopoly)ꆣ뒫춳믬뫏맑햼쒣탍듳뚼짨뚨뛀햼뗄맺폐뎧짌믲뺭볃늿쏅뗄쒿뇪뛠캪ힷ쟳짧믡뢣샻뗄ퟮ듳뮯,웤쯻탔훊뗄(죧쮽죋)뎧짌믲믺릹퓲ힷ쟳ퟔ짭샻죳ퟮ듳뮯(MerrillandSchneider,1966;HarrisandWiens,1980;Barros,1995;White,1996)ꆣ퓚뷼웚뗄컄쿗훐,맺폐뎧짌뗄쒿뇪틑놻뛠풪뮯캪퓚ힷ쟳ퟔ짭샻죳뗄춬쪱,뮹탨볦맋짧믡뢣샻횸뇪ꆣ틲캪쿖쪵훐,뫜뛠맺폐뎧짌뗄막좨뷡릹늻떫냼몬맺폐막럝,뮹냼몬쮽폐막럝(Fershtman,1990;Matsumura,1998;White,2001;NishimoriandOgawa,2002;ClaudeandHindriks,2005)ꆣ믆뷰쫷(2005)튲룹뻝헅캬펭(1999)ꆢ십붨쳃뫍쇵몣좪(1999)ꆢ믆좺믛(2000)뗈톧헟뗄퇐뺿쳡돶,퓚룄룯뗄맽돌훐,훐맺맺폐웳튵퓚뾼싇짧믡뢣샻뗄춬쪱,쫆뇘룼뛠뗘쿲샻죳쒿뇪쟣킱ꆣ훐맺맺폐짌튵틸탐뗄짌튵뮯뺭펪튲퓧퓚1993쓪뻍놻헾뢮쳡돶,뿉틔죏캪맺폐짌튵틸탐뗄뺭펪ힼ퓲뻍쫇퓚쫊떱뾼싇짧믡뢣샻뗄춬쪱,ힷ쟳ퟔ짭뗄샻죳쒿뇪ꆣ춬쪱컒쏇뮹뿉틔뾴떽,퓚튻룶맺볒쿖쪵뗄닺튵뺺헹룱뻖훐,닎폫뺺헹뗄훷쳥늻뷶폐맺폐뎧짌뫍맺쓚쮽펪뎧짌,뮹뺭뎣냼삨췢뎧짌ꆣ퓚FjellandPal(1996)뗄컄헂훐,쫗듎퇐뺿쇋폐췢뎧짌뷸죫뗄쫽솿뺺헹믬뫏맑햼쒣탍ꆣAnam,BasherandChiang(2005)퓲퇘폃BrownandChiang(2003)뗄짨뚨랽쪽,볙뚨탨쟳쫜훆폚췢늿죅뚯ꆣ쫐뎡듦퓚튻룶ힷ쟳짧믡뢣샻뫍ퟔ짭샻죳볓좨쒿뇪뗄맺폐뎧짌틔벰튻룶ힷ쟳ퟔ짭샻죳ퟮ듳뮯뗄췢뎧짌,늻좷뚨탔퓚쇬쿈헟뗄닺솿돐억횮뫳벰ힷ쯦헟닺솿뻶닟횮잰쪵쿖ꆣ헢훖쯦믺쒣탍튲뗃떽쇋튻킩뫍틔췹쒣탍늻춬뗄뷡싛ꆣ뛸냑닺튵ퟩ횯뗄샭싛폫랽램펦폃떽틸탐뺺헹컊쳢퇐뺿훐살뗄틸탐닺튵ퟩ횯럖컶뿲볜,뺭평SealeyandLindley(1977)ꆢClark(1988)ꆢDePalmaandGary2Bobo(1996)뗈톧헟뗄랢햹,쒿잰틑돉캪맺볊톧쫵뷧틸탐뺺헹샭싛컄쿗훐뗄뇪ힼ럖컶뿲볜횮튻ꆣFreixasandRochet(1997)퓸뺭붫맽좥20쓪살샻폃캢맛뺭볃톧횪쪶살럖컶냼삨틸탐듦뿮쫐뎡뺺헹벰쿠펦짧믡뢣샻뗈컊쳢퓚쓚뗄캢맛틸탐톧쇬폲뗄퇐뺿돉맻뷸탐쇋룅삨탔뷩짜ꆣ퓚헢룶럖컶뿲볜뗄믹뒡횮짏,PurroyandSalas(2000)뾪뒴탔뗘뛔튻룶' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
1ꆡ376뺭볃톧(벾뾯)뗚7뻭뒢탮믺릹폫튻룶틔샻죳ퟮ듳뮯캪쒿뇪뗄쮽펪틸탐횮볤뗄뺺헹맘쾵뷸탐쇋짮죫럖컶,듓뛸붫믬뫏맑햼쒣탍럖컶틽죫쇋틸탐닺튵뺺헹뗄튻냣샭싛컄쿗횮훐ꆣSahaandSensarma(2004)룼뷸튻늽쳖싛쇋튻볒늿럖쮽폐뮯틸탐폫뛠볒쮽펪틸탐뷸탐뺺헹뗄폐맘컊쳢,늢랢쿖횻폐떱쮽펪틸탐뗄킧싊룼룟쪱,짧믡뢣샻쮮욽닅믡쯦ퟅ쮽펪틸탐뗄퓶뛠뛸짏짽ꆣ퓚맺쓚톧쫵뷧,뫮쿾믔ꆢ훜쿨틭뫍벧짽솼(2006)틔훐맺틸탐튵뾪럅쳵볾쿂뗄뺺헹룱뻖캪놳뺰,붨솢쇋튻룶췪좫탅쾢쫽솿뺺헹뗄믬뫏맑햼쒣탍,평듋뛔맺폐막럝훆짌튵틸탐뫍췢틸탐뗄뺺헹폫웤뻹뫢샻죳쮮욽틔벰짧믡뢣샻쮮욽횮볤뗄맘쾵뷸탐쇋럖컶ꆣ훜쿨틭ꆢ뫮쿾믔뫍벧짽솼(2006)뮹샻폃틸탐뺺헹뗄믬뫏맑햼쒣탍잰햰탔뗘쳖싛쇋맜샭쫚좨뫍맺폐짌튵틸탐뺭펪쒿뇪뗈컊쳢ꆣ폫짏쫶컄쿗늻춬,놾컄퇐뺿뗄쫇룼볓럻뫏쪵볊쟩뿶뗄맺폐짌튵틸탐퓚펵폐듦뿮쫐뎡탅쾢폅쫆뗄쟩뿶쿂,틔컼쫕듦뿮솿캪닟싔탔뇤솿폫췢틸탐횮볤뗄뺺헹컊쳢,벴맺폐짌튵틸탐펵폐뛔듦뿮쫐뎡탐쟩뗄탅쾢폅쫆,틔벰듦뿮뛔샻싊쏴룐탔뗄탅쾢폅쫆,맺폐짌튵틸탐폫췢틸탐뷸탐뗄쫇늻췪좫탅쾢Cournot믬뫏맑햼늩?ꆣ놾컄잰햰탔뗘춨맽틸탐닺튵ퟩ횯쒣탍럖컶쇋맺폐짌튵틸탐쯹펵폐뗄맘폚훐맺듦뿮쫐뎡뗄탅쾢폅쫆,틔벰늻뻟폐탅쾢폅쫆뗄췢틸탐뛔헢킩쫐뎡탅쾢풤웚뗄뇤뮯,붫뛔맺폐짌튵틸탐뗄뺭펪튵벨듸살퓵퇹뗄펰쿬,틔벰맺폐짌튵틸탐뗄탅쾢폅쫆쫇럱뇘좻믡뮯캪폫췢틸탐뷸탐닟싔탔뺺헹훐뗄뺺헹폅쫆뗈튻쾵쇐훘튪컊쳢ꆣ붨솢쫽솿뺺헹믬뫏맑햼쒣탍뗄풭틲퓚폚,쯤좻듓2000쓪틔살훐맺죋쏱틸탐틑뺭뾪쪼훰붥뎢쫔샻싊쫐뎡뮯룄룯,떫춳볆쫽뻝뇭쏷2,훐맺뗄틸탐샻싊뇤뮯럹뛈뷏킡ꆣ벴쪹샻싊쫐뎡뮯룄룯틑뷸죫좷뚨ꆰ믹ힼ샻싊ꆱ뗄쪵볊닙ퟷ뷗뛎,떫듓캬뮤훐맺뺭볃쾵춳컈뚨탔뗈랽쏦뾼싇,컒맺듦듻뿮샻싊뗄뇤뮯럹뛈튲벫폐뿉쓜뒦폚헾뢮맜샭늿쏅뗄뿘훆횮쓚ꆣ벴쪹틸탐듦듻뿮샻싊늻퓙놻퇏룱뿘훆,떫쿠뛔폚틸탐쯹좷뚨뗄컼쫕듦뿮솿횸뇪뛸퇔,쯼쫇튻룶룼죝틗맛달뫍뗷헻뗄뇤솿,퓚퇐뺿틸탐튵닟싔탔뺺헹뗄뻶닟뇤솿톡퓱훐,뻓폚쿠뛔듎튪뗄뗘캻ꆣ듋췢,폫PurroyandSalas(2000)ꆢSahaandSensarma(2004)ꆢ훜쿨틭뗈(2006)뗄쿖폐틸탐닺튵ퟩ횯믬뫏맑햼쒣탍늻춬,컒쏇훷튪퇐뺿쇋췢틸탐뫍펵폐탅쾢폅쫆뗄맺폐짌튵틸탐횮볤뗄늻췪좫탅쾢Cournot뺺헹,늻췪좫탅쾢뗄틽죫쪹뗃쒣탍룼볓쳹뷼쿖쪵쟩뿶,늢쟒퓚럖컶훐튲샻폃쇋쟳뷢늻췪좫탅쾢늩?컊쳢뗄놴튶쮹쓉쪲뻹뫢룅쓮ꆣ쳘뇰탨튪쮵쏷뗄쫇,훜쿨틭뗈(2006)캪쇋쳖싛맺폐짌튵틸탐퓚뻹뫢샻죳킡폚췢틸탐뗄쳵볾쿂,쫇럱뿉틔춨맽퓶볓뺭펪쒿뇪,벴냑쟀뛡쫐뎡럝뛮튲쓉죫떽뺭펪쒿뇪훐살뗄랽램,틔폐킧퓶볓웤뻹뫢샻죳뗄컊쳢,붨솢쇋쮫춷2닎볻훐맺죋쏱틸탐듦뿮샻싊뗷헻뇭ꆣ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
뗚4웚뫮쿾믔뗈:탅쾢폅쫆폫맺폐짌튵틸탐뗄튵벨1ꆡ377맑햼쫐뎡뷡릹쿂췪좫탅쾢뗄Bertrand볛룱뺺헹믬뫏맑햼쒣탍;폫룃컄늻춬,놾컄캪쇋뷒쪾맺폐짌튵틸탐뗄탅쾢폅쫆뛔웤뺭펪튵벨뗄펰쿬ퟷ폃,틔벰쯼뗄탅쾢폅쫆퓚쿲뺺헹폅쫆뮯맽돌훐쯹뿉쓜돶쿖뗄컊쳢,쳘틢붫늻췪좫탅쾢틽죫쇋맺폐짌튵틸탐폫췢틸탐횮볤뗄Cournot쫽솿뺺헹믬뫏맑햼쒣탍,쒣탍쟳뷢뗃떽뗄퓲쫇놴튶쮹쓉쪲뻹뫢(BayesianNashequilibrium)뷢ꆣퟮ뫳,폫튻냣닺튵ퟩ횯샭싛훐믬뫏맑햼쒣탍컄쿗뗄믹놾짨뚨늻춬,놾컄냑맺폐짌튵틸탐쯹뻟폐뗄탅쾢폅쫆퓚쒣탍훐뻟쳥뮯캪맺폐짌튵틸탐뛔훐맺듦뿮쫐뎡뗄릩룸탐쟩믲헟쫐뎡짏듦뿮릩룸솿퓶볓뗄샻싊쏴룐탔,뇈췢틸탐펵폐룼뛠뗄탅쾢ꆣ듓뛸퇐뺿쇋맺폐짌튵틸탐뫍췢틸탐퓚늻췪좫탅쾢쳵볾쿂퓚훐맺틸탐튵듦뿮튵컱쫐뎡짏햹뾪뗄뮥뚯뺺헹컊쳢ꆣ놾컄훘뗣럖컶쇋떱맺폐짌튵틸탐펵폐탅쾢폅쫆쪱,듦뿮쫐뎡짏늻춬뗄릩룸탐쟩ꆢ듦뿮릩룸솿퓶볓뗄샻싊쏴룐탔,틔벰췢틸탐죏캪쓄훖릩룸탐쟩믲쫇샻싊쏴룐탔붫믡돶쿖뗄풤웚룅싊뗄뇤뮯,뛔맺폐짌튵틸탐뺭펪튵벨쯹듸살뗄펰쿬,늢뛔췪좫탅쾢뫍늻췪좫탅쾢솽훖쟩뿶쿂맺폐짌튵틸탐뗄뻹뫢샻죳뷸탐쇋뇈뷏,듓뛸뷒쪾돶쇋맺폐짌튵틸탐뗄탅쾢폅쫆쯹듸살뗄쪵훊킧맻ꆣ죽ꆢ맺폐짌튵틸탐뛔쫐뎡릩룸쟩뿶뻟폐탅쾢폅쫆뗄Cournot믬뫏맑햼쒣탍컒쏇뛔쿖쪵ퟶ튻킩볲뮯뗄짨뚨,뾼싇튻볒듺뇭탔뗄맺폐짌튵틸탐폫튻볒듺뇭탔뗄췢틸탐뷸탐뺺헹ꆣ뻟쳥뛸퇔,쯼쏇쫇틔듦뿮솿캪닟싔탔뇤솿뷸탐Cournot쫽솿뺺헹ꆣ솽볒틸탐쳡릩쇋쿠뷼믲쎻폐쿔훸닮틬뗄듦뿮닺욷ꆣ볙짨듦뿮쫐뎡뗄릩룸몯쫽캪r=b(D-ai),ꆡ0<b<1,i=H,L.(1)헢샯,D=DSi+Df,쫇쯹폐듦뿮죋뗄ퟜ듦뿮뛮ꆣDSi캪맺폐짌튵틸탐믹폚쯼쯹쇋뷢뗄쫐뎡탐쟩ai뛸쿫튪컼쫕뗄듦뿮솿,Df캪췢틸탐컼쫕뗄듦뿮ꆣ틸탐뛔듦뿮D쿲듦뿮죋횧뢶뗄쫐뎡샻쾢싊캪rꆣb캪닎쫽,듺뇭ퟅ헻룶쫐뎡뛔폚듦뿮릩룸솿퓶볓뗄샻싊쏴룐탔ꆣai듺뇭듦뿮쫐뎡짏늻춬뗄릩룸탐쟩,aH>aLꆣ늻쓑뾴돶,떱aH돶쿖쪱,퓚샻싊튻뚨뗄쟩뿶쿂,헻룶쫐뎡뗄듦뿮릩룸솿DSH+Df튪듳폚aL돶쿖쪱뗄릩룸솿DSL+Dfꆣ퓚쒣탍훐,컒쏇죏캪맺폐짌튵틸탐춨맽웤잿듳뗄헾뢮놳뺰ꆢ폫맺폐듳탍웳튵뗄얦듸맘쾵뫍맣랺뗄럖횧믺릹,쓜릻횪뗀떽뗗쫇aH뮹쫇aL돶쿖쇋,튲뻍쫇쮵,쯼펵폐뛔듦뿮쫐뎡릩룸탐쟩뗄탅쾢폅쫆ꆣ뛸췢틸탐퓲뛔듋컞듓횪쿾,쯼횻쓜닂닢aH돶쿖뗄룅싊캪ꛈ,aL돶쿖뗄룅싊쫇1-ꛈꆣ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
1ꆡ378뺭볃톧(벾뾯)뗚7뻭떱aH돶쿖쪱,맺폐짌튵틸탐뗄샻죳ꛐSH캪ꛐSH=(RS-r)DSH=(RS-b(DSH+Df-aH))ꆤDSH,(2)웤훐,RS쫇맺폐짌튵틸탐컼쫕듦뿮뗄춶쫕틦싊ꆣ듋쪱,듦뿮쫐뎡뗄짧믡뢣샻캪SWH=PS+CS=(r(DSH+Df)-ꇒDSH+Dfb(x-aH)dx)+ꛐSH0=b2(DSH+Df)+ꛐSH.(3)2ꆡꆡPS쫇놻듦뿮쳡릩헟(뒢뮧)뗃떽뗄짺닺헟쪣폠,CS쫇놻뇭쪾캪틸탐샻죳뗄듦뿮쫐뎡짏뗄쿻럑헟쪣폠ꆣ뛔펦뗄,떱aL돶쿖쪱,맺폐짌튵틸탐뗄샻죳ꛐSL캪ꛐSL=(RS-r)DSL=(RS-b(DSL+Df-aL))ꆤDSL,(4)듋쪱,듦뿮쫐뎡뗄짧믡뢣샻캪SWL=PS+CS=(r(DSL+Df)-ꇒDSL+Dfb(x-aL)dx)+ꛐSL0=b(DSL+D2f)+ꛐSL.(5)2ꆡꆡ뛔폚맺폐짌튵틸탐뛸퇔,퓚늻뾼싇짧믡뢣샻SWi뗄쟩뿶쿂,쯼뗄뺭펪쒿뇪쫇톡퓱DSi살ퟮ듳뮯웤샻죳쮮욽ꛐSi,평ퟮ폅뮯뗄튻뷗쳵볾뗃돶뗄랴펦몯쫽쫇DSi=RS-bDf+bai.(6)2bꆡꆡ죧맻쯼쫇틔짧믡뢣샻ퟮ듳뮯캪쒿뇪,평maxSWi,컒쏇뿉횪웤랴펦몯DSi쫽쫇DSi=RS+bai.(7)bꆡꆡ뒫춳믬뫏맑햼쒣탍듳뚼짨뚨뛀햼뗄맺폐뺭볃늿쏅뗄쒿뇪캪ힷ쟳짧믡뢣샻뗄ퟮ듳뮯3,뛸웤쯻탔훊뗄믺릹퓲ힷ쟳샻죳ퟮ듳뮯ꆣ쿖쪵훐뗄맺폐짌튵틸탐퓲볈펦룃뾼싇짧믡뢣샻쮮욽(헢쫇평맺폐막펵폐뿘막좨뗄쿖ힴ뻶뚨뗄),폖뇘탫ힷ쟳ퟔ짭뗄샻죳쒿뇪ꆣ맺폐짌튵틸탐뗄랴펦몯쫽뻍쫇춨맽(6)뫍(7)쪽볓3퓚뷼웚뗄컄쿗훐,맺폐뎧짌믲틸탐뗄쒿뇪틑놻뛠풪뮯캪볦맋짧믡뢣샻폫ힷ쟳ퟔ짭샻죳(믆뷰쫷,2005;White,2001;NishimoriandOgawa,2002;SahaandSensarma,2004)ꆣ놾컄붫볌탸짨뚨맺폐짌튵틸탐뗄헢훖뛠풪뮯뺭펪쒿뇪ꆣ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
뗚4웚뫮쿾믔뗈:탅쾢폅쫆폫맺폐짌튵틸탐뗄튵벨1ꆡ379좨뗃떽뗄,헢튲뻍쫇믬뫏맑햼쒣탍훐쯹캽ꆰ믬뫏ꆱ뗄뻟쳥쳥쿖,좨쫽0ꇜꛕꇜ1,쫇맺폐짌튵틸탐뗄맺폐뮯돌뛈횸뇪,튲듺뇭쇋뛔듦뿮쫐뎡짏짧믡뢣샻뗄맘힢돌뛈ꆣ듋쪱맺폐짌튵틸탐뗄랴펦몯쫽캪DSi=ꛕRS+bai+S-bDf+bai(1-ꛕR),ꆡi=H,L.(8)b2bꆡꆡ튻볒듺뇭탔뗄췢틸탐춨맽톡퓱ퟮ폅뗄듦뿮컼쫕솿틔ퟮ듳뮯쯼뗄웚췻샻죳maxꛐꛈf=[Rf-b(DSH+Df-aH)Df)]Df+(1-ꛈ)[Rf-b(DSL+Df-aL)Df].(9)ꆡꆡ쯼뗄랴펦몯쫽쫇Daf=Lb(1-ꛈ)+aHbꛈ-b(1-ꛈ)DSL-bꛈDSH.(10)2bꆡꆡ붫(8)쪽뇭쪾뗄솽룶랴펦몯쫽뫍(10)쪽솪솢뿉뗃놴튶쮹쓉쪲뻹뫢(BayesianNashequilibrium)뷢캪4D3b(1-ꛈ-ꛕ+ꛕꛈ)aL+bꛈ(1-ꛕ)aH-(1+ꛕ)RSf=,(11)b(3+ꛕ)D34(1+ꛕ)RS-b(1-ꛈ-ꛕ+ꛕꛈ)(1-ꛕ)aL+b2[(3-ꛈ)+(1-ꛈ)ꛕ+2ꛕ(2+ꛈ)]aHSH=2b(3+ꛕ,)(12)D34(1+ꛕ)RS-bꛈ(1-ꛕ2)aH+b(6ꛕ+2+ꛈ-2ꛕꛈ+ꛕ2ꛈ)aLSL=(2b(3+ꛕ.13))ꆡꆡ평듋뿉틔뗃떽죧쿂쏼쳢:쏼쳢1ꆡ췢틸탐풤웚듦뿮쫐뎡릩룸탐쟩솼뫃뗄뿉쓜탔풽듳,뻍믡쿠펦뗘뗷룟쯼쯹컼쫕뗄뻹뫢듦뿮솿;컞싛aH뮹쫇aL돶쿖,맺폐짌튵틸탐뗄뻹뫢듦뿮솿뚼붫쯦ퟅ쯼뗄듦뿮춶쫕틦싊믲헟헻룶듦뿮쫐뎡릩룸탐쟩뗄뇤뫃뛸퓶볓ꆣ횤쏷ꆡ평(11)ꆢ(12)ꆢ(13)쪽9D3f>9D3SL0,ꆡ9D3SH>H0,ꆡ>0,ꆡ9D3S>9D3SL0,ꆡ>ꛈ9RS9RS9aH9aLꆡꆡ틲듋뿉횪,췢틸탐풤웚듦뿮쫐뎡릩룸탐쟩솼뫃뗄뿉쓜탔풽듳,쯼삩듳ퟔ짭뗄튵컱솿ꆢ쟀햼쫐뎡럝뛮틔믱뗃쒳훖맦쒣뺭볃뗄뚯믺뻍풽잿ꆣ뛸맺폐짌튵틸탐듦뿮뗄춶쫕틦싊풽룟,늻싛뫎훖탐쟩돶쿖,쯼쓜믱뗃뗄떥캻듦뿮쫕4룹뻝듋샠쒣탍뗄뇪ힼ컄쿗뿉횪,헢훖짨뚨뗄폐맘뻹뫢뷢쫇컈뚨뗄(DeFrajaandDelbono,1990;Mat2sumura,1998;ClaudeandHindriks,2005),틔쿂늻퓙훘뢴쮵쏷ꆣ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
1ꆡ380뺭볃톧(벾뾯)뗚7뻭틦뇤뗃룼듳,폚쫇뻍쾣췻컼쫕떽룼뛠뗄뻹뫢듦뿮쫽솿ꆣ퓚뫃뗄탐쟩뫍닮뗄탐쟩뚼뇤뗃룼뫃쪱,맺폐짌튵틸탐춬퇹돶폚뛔삩듳튵컱솿틔햼쇬룼뛠쫐뎡럝뛮뗄뾼싇,뛸퓶볓쯼컼쫕뗄뻹뫢듦뿮쫽솿ꆣ붫(11)ꆢ(12)ꆢ(13)쪽듺죫(9)쪽ꛐf뗄뇭듯쪽,췢틸탐뗄뻹뫢샻죳캪ꛐ32(1+ꛕ)Rf=ꛈS+b(1-ꛈ-ꛕ+ꛕꛈ)(ꛕ+1)aRL+((1-ꛈ)ꛕ2+2ꛕ+ꛈ-3)aHf-2(3+ꛕ)ꆤb(1-ꛈ-ꛕ+ꛕꛈ)aL+bꛈ(1-ꛕ)aH-(ꛕ+1)RSb(3+ꛕ)2(1+ꛕ)RS+b1-ꛈ(ꛕ2ꛈ+2ꛕ-ꛈ-2)aL+bꛈ(1-ꛕ2)a+H()Rf-2(3+ꛕ)ꆤb(1-ꛈ-ꛕ+ꛕꛈ)aL+bꛈ(1-ꛕ)aH-(ꛕ+1)RS.(14)b(3+ꛕ)ꆡꆡ춬퇹뿉틔쟳뗃퓚늻춬듦뿮쫐뎡릩룸탐쟩쿂,맺폐짌튵틸탐뗄뻹뫢샻죳ꛐ32(ꛕ+1)RS+b(2ꛕ+(1-ꛈ)ꛕ2+ꛈ-3)aH+b(ꛕ+1)(ꛈꛕ-ꛕ-ꛈ+1)aLSH=RS-2(3+ꛕ)ꆡꆤ4(ꛕ+1)RS+b[2ꛕ(2+ꛈ)+ꛕ2(1-ꛈ)+(3-ꛈ)]aH+b(ꛕ-1)(ꛈꛕ-ꛕ-ꛈ+1)aL,2b(3+ꛕ)(15)ꛐ32(1+ꛕ)R=S+b(ꛕ2ꛈ+2ꛕ-ꛈ-2)aL+bꛈ(1-ꛕ2)aHSLRS-2(3+ꛕ)ꆤ4(1+ꛕ)RS-bꛈ(1-ꛕ2)aH+b(6ꛕ+2+ꛈ-2ꛕꛈ+ꛕ2ꛈ)aL16)2b(3+ꛕ.()ꆡꆡ듓(15)뫍(16)쪽훐늻쓑뾴돶,맺폐짌튵틸탐뗄뻹뫢샻죳ꛐ3SH믲ꛐ3SL늻쫜췢틸탐듦뿮춶쫕틦싊뗄펰쿬,좴쫜떽췢틸탐뛔쫐뎡탐쟩풤웚ꛈ뗄펰쿬ꆣ쏼쳢2ꆡ떱듦뿮쫐뎡뗄릩룸탐쟩뷏뫃,aH돶쿖뗄쪱뫲,췢틸탐뛔뫃쫐뎡탐쟩돶쿖뗄풤웚ꛈ풽룟,맺폐짌튵틸탐뗄뻹뫢샻죳뻍풽킡;떱듦뿮쫐뎡뗄릩룸탐쟩뷏닮,aL돶쿖뗄쪱뫲,췢틸탐죏캪뫃쫐뎡탐쟩돶쿖뗄룅싊ꛈ뛔맺폐짌튵틸탐뗄뻹뫢샻죳뗄펰쿬늢늻좷뚨,웤훐,떱b>0,aH>aL>0,쟒aHꇜaLꛈ(1-ꛕ2)(1-ꛕ)+2(1+ꛕ)+4ꛕ2ꛈ믲헟b>0,aL<0,aH>0,쟒(1-ꛕ2;RSퟣ릻킡뗄)쟩뿶쿂,췢틸탐죏캪뫃쫐뎡탐쟩돶쿖뗄룅싊ꛈ풽듳,맺폐짌튵틸탐뗄뻹뫢샻죳뻍풽킡ꆣ횤쏷ꆡꛐ3SH뫍ꛐ3SL럖뇰뛔ꛈ쟳튻뷗욫떼,뺭맽헻샭뗃9ꛐ3SH(aH-a9ꛈ=L)(ꛕ-1)ꛕ2+ꛕ+2)RS+2b(ꛕ2-1)(ꛈꛕ-ꛕ-ꛈ+1)aL4(3+ꛕ2{4()' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
뗚4웚뫮쿾믔뗈:탅쾢폅쫆폫맺폐짌튵틸탐뗄튵벨1ꆡ381+2b[(1+ꛕ2)[3+ꛈ+ꛕ(1-ꛈ)]+2ꛈꛕ-2ꛈ]aH},(17)9ꛐ3SL(ꛕ-1)(a9ꛈ=H-aL)2)RS-2bꛈ(1-ꛕ2)aH4(3+ꛕ2{4(ꛕ2+ꛕ+)+b[2ꛈ(1-ꛕ2)(1-ꛕ)+4(ꛕ+1)+8ꛕ2]aL}.(18)ꆡꆡ평폐맘닎쫽뗄좡횵랶캧,늻쓑뾴돶9ꛐ3SH9ꛈ<0;뛸떱b>0,aH>aL>0,쟒aHꇜꛈ(1-ꛕ2)(1-ꛕ)+2(1+ꛕ)+4ꛕ2ꛈ믲헟b>0,aL<0,aH>0,쟒RSퟣaL(1-ꛕ2;)릻킡뗄쪱뫲9ꛐ3SL,9ꛈ<0ꆣ룹뻝쏼쳢1,췢틸탐풤웚듦뿮쫐뎡뗄릩룸탐쟩풽뫃,뻍믡쿠펦뗘뗷룟쯼쯹컼쫕뗄뻹뫢듦뿮솿ꆣ틠벴ꛈ뗄쳡룟쪹뗃D3f짏짽,췢틸탐샻폃웤쿈뷸뗄뺭펪맜샭뺭퇩ꆢ잿듳뗄뒴탂뚯솦뫍듳솿맺볊뮯뗄뷰죚튵죋닅,뛔훐맺틸탐튵듦뿮쫐뎡럝뛮헹뛡뗄횱뷓뫳맻뻍쫇톹쯵쇋맺폐짌튵틸탐뗄짺듦뿕볤,쪹웤뻹뫢뗄샻죳쮮욽폐쯹붵뗍ꆣ뷸튻늽뗄,룹뻝뫮쿾믔뗈(2006),믲헟뺭평뛔쮫춷맑햼(Duopoly)쫽솿뺺헹뗄췪좫탅쾢Cournot믬뫏맑햼쒣탍뗄볲떥췆떼늻쓑뗃떽,맺폐짌튵틸탐뗄뻹뫢샻죳캪ꛐ3S=4(1+ꛕ)R2S+(1-ꛕ2)R2f-2(ꛕ2+ꛕ+2)RsRfb(3+ꛕ2.(19))ꆡꆡ뇈뷏ꛐ3S,ꛐ3SH,ꛐ3SL,틲캪뷢컶쯣램맽폚뢴퓓,헢샯쪹폃쫽횵쒣쓢쯣램,샻폃C폯퇔뇠돌,퓚Rf/Rs럖뇰캪1ꆢ2ꆢ3ꆢ4ꆢ5놶5;맺폐뮯돌뛈횸뇪ꛕ=015믲01756;틔벰0<b<1,aH>aL>0뗄쳵볾쿂,뛔쿠맘맺폐틸탐뗄뻹뫢샻죳쮮욽뷸탐뇈뷏,뻝듋뗃떽뇭1늢듓훐ퟜ뷡돶쏼쳢3ꆣ쏼쳢3ꆡ떱ꛕ=0175쪱,늻싛쫇aL뮹쫇aH돶쿖,폫늻뻟놸탅쾢폅쫆쟩뿶쿂맺폐짌튵틸탐쯹쓜뗃떽뗄뻹뫢샻죳쿠뇈,펵폐뛔듦뿮쫐뎡릩룸탐쟩뗄탅쾢폅쫆믡쪹뗃맺폐짌튵틸탐듳쳥짏뗃떽룼뛠뗄뻹뫢샻죳ꆣ헢룶뷡싛퓚ꛕ=015쪱튲쫇돉솢뗄ꆣ퓚듋훖늻췪좫탅쾢뗄짨뚨횮쿂,폫늻뻟놸ai뗄폐맘탅쾢폅쫆쿠뇈,맺폐짌튵틸탐믹놾쓜릻믱뗃룼룟뗄뻹뫢샻죳ꆣ탅쾢폅쫆쳡짽쇋쯼뗄뺭펪튵벨,돉5탬뗡쟬(2004)횸돶,쓃쯄듳맺폐짌튵틸탐뫍튻킩훸쏻뗄췢맺틸탐쿠뇈:듓막놾믘놨싊(ROE)살쮵,뮨웬벯췅캪%,쏀맺틸탐캪%,믣럡뿘막캪%,뛸훐맺틸탐뗄놾믘놨싊횻폐%,릤짌틸탐%,얩튵틸탐%,붨짨틸탐%ꆣ뛸룹뻝뫩좨(2005,뗚258ꆪ259튳)뗄퇐뺿,2003쓪훐맺쓚뗘컥볒짏쫐틸탐뗄욽뻹뺻닺쫕틦싊캪%,춬웚쏀맺ꆢ훐맺쿣룛ꆢ탂볓웂뗄짌튵틸탐뺻닺쫕틦싊럖뇰캪%ꆢ%폫%ꆣ틲듋,컒쏇헢샯뗄쳵볾듳쳥쫇럻뫏쪵볊뗄ꆣ6맺폐뮯돌뛈횸뇪캪틢캶ퟅ맺폐막퓚맺폐짌튵틸탐훐펵폐뿘막좨,뛸헢룶횸뇪뗈폚퓲뛔펦폚맺폐짌튵틸탐췢뿘막뇈샽늻뗃뎬맽25%뗄틸탐볠맜헾닟맦뚨ꆣ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
1ꆡ382뺭볃톧(벾뾯)뗚7뻭캪웤뺺헹폅쫆뗄훘튪ퟩ돉늿럖ꆣ캪쇋퓚뺺헹훐믱샻,맺폐짌튵틸탐튲펦떱돤럖샻폃쯼퓚듦뿮쫐뎡릩룸탐쟩랽쏦뗄탅쾢폅쫆ꆣ뻟쳥살쮵,샻폃헢킩탅쾢폅쫆,맺폐짌튵틸탐쓜릻퓚훆뚩삿듦볆뮮뗈뺭펪쒿뇪뗄쪱뫲,룼볓돤럖뗘샻폃쫐뎡죝솿,틔뺡뿉쓜뗘ퟮ듳뮯ퟔ짭뗄뻹뫢샻죳횵ꆣ뇭1ꆡ늻췪좫탅쾢폫췪좫탅쾢쟩뿶쿂맺폐짌튵틸탐뻹뫢샻죳뗄뇈뷏(뗚튻훖짨뚨)ꛕ=015ꛕ=0175Rf/RSP(ꛐ3SH>ꛐ3S)P(ꛐ3SL<ꛐ3S)P(ꛐ3SH>ꛐ3S)P(ꛐ3SL<ꛐ3S)ꆡꆡ힢:(1)듋뒦캪쇋쒣쓢볆쯣뗄랽뇣,쇮0<aLꇜaH<10;(2)룅싊쫽횵P캪35듎쫔퇩뗄뻹횵,좡퇹ퟜ듎쫽듳폚5000췲ꆣ쯄ꆢ맺폐짌튵틸탐뻟폐샻싊쏴룐탔탅쾢폅쫆뗄Cournot믬뫏맑햼쒣탍죔뻉뾼싇튻볒듺뇭탔뗄맺폐짌튵틸탐폫튻볒듺뇭탔뗄췢틸탐뷸탐틔듦뿮솿캪닟싔탔뇤솿뗄Cournot뺺헹ꆣ듦뿮쫐뎡뗄릩룸몯쫽캪r=biD,ꆡi=H,L.(20)ꆡꆡ틸탐뛔듦뿮D쿲듦뿮죋횧뢶뗄쫐뎡샻쾢싊캪rꆣbi캪닎쫽,듺뇭ퟅ헻룶쫐뎡뛔폚듦뿮릩룸솿퓶볓뗄샻싊쏴룐탔,벴캪쇋쪹듦뿮릩룸솿퓶볓튻룶뇪ힼ뮯떥캻쯹뇘탫룸폨뒢뮧뗄샻싊쫇뛠짙,쯼튲뷼쯆뗘듺뇭ퟅ쒳훖컼쫕듦뿮뗄돉놾,0<bL<bH<1ꆣ맺폐짌튵틸탐욾뷨웤맣랺뗄럖횧췸뗣ꆢ폫맺쓚웳튵뫍뻓쏱뎤뻃틔살뗄튵컱맘쾵틔벰뛔훐맺틸탐튵쫐뎡탐쟩뗄헻쳥냑컕,믽샛쇋폐맘뗄쫐뎡뺭퇩,듓뛸펵폐듦뿮릩룸솿퓶볓뗄샻싊쏴룐탔뗄탅쾢폅쫆,횪뗀bi떽뗗쫇bH뮹쫇bLꆣ췢틸탐퓲늻쟥돾헢튻뗣,쯼횻쓜틔ꛈ뗄룅싊풤웚bH돶쿖,틔1-ꛈ뗄룅싊풤웚bL돶쿖ꆣD=DSi+Df,쫇쯹폐듦뿮죋뗄ퟜ듦뿮뛮ꆣDSi캪맺폐짌튵틸탐믹폚쯼쯹쇋뷢뗄샻싊쏴룐탔bi뛸쿫튪컼쫕뗄듦뿮솿,Df캪췢틸탐컼쫕뗄듦뿮ꆣ떱bH돶쿖쪱,맺폐짌튵틸탐뗄샻죳ꛐSH캪ꛐSH=(RS-bH(DSH+Df))ꆤDSH,(21)웤훐,RS쫇맺폐짌튵틸탐컼쫕듦뿮뗄춶쫕틦싊ꆣ듋쪱,듦뿮쫐뎡뗄짧믡뢣샻캪' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
뗚4웚뫮쿾믔뗈:탅쾢폅쫆폫맺폐짌튵틸탐뗄튵벨1ꆡ383SWH=PS+CS=r(DSH+Df)-ꇒDSH+DfbHxdx+ꛐSH0=bH(DSH+D2f)+ꛐSH.(22)2ꆡꆡPS쫇놻듦뿮쳡릩헟(뒢뮧)뗃떽뗄짺닺헟쪣폠,CS쫇놻뇭쪾캪틸탐샻죳뗄듦뿮쫐뎡짏뗄쿻럑헟쪣폠ꆣ뛔펦뗄,떱bL돶쿖쪱,맺폐짌튵틸탐뗄샻죳ꛐSL캪ꛐSL=(RS-bL(DSL+Df))ꆤDSL.(23)듋쪱,듦뿮쫐뎡뗄짧믡뢣샻캪SWL=PS+CS=r(DSL+Df)-ꇒDSL+DfbLxdx+ꛐSL0=bL(D2SL+Df)+ꛐSL.(24)2ꆡꆡ뛔폚맺폐짌튵틸탐뛸퇔,퓚늻뾼싇짧믡뢣샻SWi뗄쟩뿶쿂,쯼뗄뺭펪쒿뇪쫇톡퓱DSi살ퟮ듳뮯웤샻죳쮮욽ꛐSi,평ퟮ폅뮯뗄튻뷗쳵볾뗃돶뗄랴펦몯쫽쫇DSi=RS-biDf.(25)2biꆡꆡ죧맻쯼쫇틔짧믡뢣샻ퟮ듳뮯캪쒿뇪,평maxSWi,컒쏇뿉횪웤랴펦몯DSi쫽쫇DSi=RS.(26)biꆡꆡ쿖쪵훐뗄맺폐짌튵틸탐퓲볈펦룃뾼싇짧믡뢣샻쮮욽(헢쫇평맺폐막펵폐뿘막좨뗄쿖ힴ뻶뚨뗄),폖뇘탫ힷ쟳ퟔ짭뗄샻죳쒿뇪ꆣ볓좨뫳맺폐짌튵틸탐뗄랴펦몯쫽죧쿂(0ꇜꛕꇜ1):DSi=ꛕRS+S-biDf(1-ꛕR),ꆡi=H,L.(27)bi2biꆡꆡ튻볒듺뇭탔뗄췢틸탐춨맽톡퓱ퟮ폅뗄듦뿮컼쫕솿틔ퟮ듳뮯쯼뗄웚췻샻죳maxꛐf=ꛈ[(Rf-bH(DSH+Df))Df)]Df+(1-ꛈ)[(Rf-bL(DSL+Df))Df].(28)쯼뗄랴펦몯쫽쫇' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
1ꆡ384뺭볃톧(벾뾯)뗚7뻭Df=Rf-ꛈbHDSH-bL(1-ꛈ)DSL(29)2ꛈbH+2bL(1-ꛈ.)ꆡꆡ붫(27)쪽뗄솽룶랴펦몯쫽뫍(29)쪽솪솢뿉뗃놴튶쮹쓉쪲뻹뫢(BayesianNashequilibrium)뷢캪D3f=2Rf-(1+ꛕ)RS(ꛕ+3)(ꛈbH+(1-ꛈ,(30))bL)D3(SH=1+ꛕ)[((ꛕ+3)ꛈ+(1-ꛕ))bH+(ꛕ+3)(1-ꛈ)bL]RS-2bH(1-ꛕ)Rf2bH(ꛕ+3)(ꛈbH+(1-ꛈ,(31))bL)D3SL=[ꛈ(ꛕ+3)(ꛕ+1)bH+(ꛕ+1)((ꛕ+3)(1-ꛈ)+(1-ꛕ))bL]RS-2bL(1-ꛕ)Rf2bL(ꛕ+3)(ꛈbH+.(1-ꛈ)bL)(32)ꆡꆡ평듋뿉틔뗃떽쏼쳢4ꆣ쏼쳢4ꆡ췢틸탐풤웚돶쿖룟샻싊쏴룐탔뗄룅싊퓶듳,뻍믡쿠펦뗘복짙쯼쯹컼쫕뗄뻹뫢듦뿮솿;컞싛bH뮹쫇bL돶쿖,맺폐짌튵틸탐뗄뻹뫢듦뿮솿뚼붫쯦ퟅ듦뿮춶쫕틦싊뗄짏짽믲췢틸탐죏캪룟샻싊쏴룐탔돶쿖룅싊뗄뇤듳뛸퓶볓ꆣ횤쏷ꆡ평(30)ꆢ(31)ꆢ(32)쪽9D3f9ꛈ<0,ꆡ9D3SH>0,ꆡ9D3SL>SH0,ꆡ9D39RS9RS9ꛈ>0,ꆡ9D3SL9ꛈ>0.ꆡꆡ췢틸탐풤웚돶쿖룟샻싊쏴룐탔뗄룅싊풽듳,쯼쯹죏캪뗄뛠컼쫕듦뿮뗄돉놾뻍룼룟,퓚웤쯻쳵볾늻뇤쪱,쯼뻍늻믡퓙쎤쒿ힷ쟳쫐뎡럝뛮,뛸믡룼볓힢훘폚펮샻탔횸뇪쇋ꆣ뛸퓚헦쪵샻싊쏴룐탔늻뇤쪱,평췢틸탐헢훖풤웚룅싊짏뗄뇤뮯뛸쫍럅돶살뗄룼뛠쫐뎡럝뛮뿕볤,뻍뫜ퟔ좻뗘죃맺폐짌튵틸탐컼쫕쇋ꆣ쇭췢,맺폐짌튵틸탐뗄춶펯샻쓜솦풽잿,뻍풽폐쓜솦헹뛡쫐뎡럝뛮,폫췢틸탐튻헹룟쿂ꆣ붫(30)ꆢ(31)ꆢ(32)쪽럖뇰듺죫ꛐSH뫍ꛐSL,맺폐짌튵틸탐뗄뻹뫢샻죳뇭듯쪽죧쿂쯹쪾:ꛐ3SH=(RS-bH(D3SH+D3f))ꆤD3SH,(33)ꛐ3SL=(RS-bL(D3SL+D3f))ꆤD3SL.(34)ꆡꆡ쏼쳢5ꆡ컞싛bH뮹쫇bL돶쿖,떱맺폐짌튵틸탐뗄떥캻쫕틦듳폚쒳튻뗗쿟쪱,췢틸탐풤웚돶쿖룟샻싊쏴룐탔뗄룅싊퓶듳,믡쪹뗃맺폐짌튵틸탐뗄뻹뫢샻죳퓶볓ꆣ횤쏷ꆡ평(33)쪽뫍(34)쪽9ꛐ3SH9ꛈ>0,ꆡ떱쟒뷶떱RS-bH(D3SH+D3f)>bHD3SH,' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
뗚4웚뫮쿾믔뗈:탅쾢폅쫆폫맺폐짌튵틸탐뗄튵벨1ꆡ3859ꛐ3SL9ꛈ>0,ꆡ떱쟒뷶떱RS-bL(D3SL+D3f)>bLD3SL.ꆡꆡ뿉틔뾴떽,떱듦뿮릩룸솿퓶볓뗄샻싊쏴룐탔쫇bH,뛸맺폐짌튵틸탐컼쫕듦뿮뗄떥캻쫕틦RS-bH(D3SH+D3f)듳폚뗗쿟bHD3SH뗄쪱뫲,췢틸탐풤웚돶쿖룟샻싊쏴룐탔뗄룅싊풽듳,맺폐짌튵틸탐뗄뻹뫢샻죳튲뻍풽룟ꆣ샠쯆뗄,떱듦뿮릩룸솿퓶볓뗄샻싊쏴룐탔쫇bL,뛸맺폐짌튵틸탐컼쫕듦뿮뗄떥캻쫕틦RS-bL(D3SL+D3f)듳폚뗗쿟bLD3SL뗄쪱뫲,췢틸탐풤웚돶쿖룟샻싊쏴룐탔뗄룅싊풽듳,맺폐짌튵틸탐뗄뻹뫢샻죳튲뻍풽룟ꆣ췢틸탐풤웚돶쿖룟샻싊쏴룐탔룅싊뗄퓶듳떼훂쇋맺폐짌튵틸탐튵컱맦쒣뗄삩헅뫍췢틸탐튵컱맦쒣뗄쫕쯵,맺폐짌튵틸탐뗄뻹뫢샻죳튲쿠펦뗘퓶볓쇋ꆣ맺폐짌튵틸탐쓜릻샻폃쯼쯹펵폐뗄탅쾢폅쫆,폕쪹췢틸탐뗷룟ꛈ횵뛸믱뗃룼뛠뗄뻹뫢샻죳ꆣ떫쫇,탨튪쳘뇰잿뗷뗄쫇,맺폐짌튵틸탐뛔ퟔ짭탅쾢폅쫆뗄샻폃튲늢럇쫇컞쳵볾뗄,횻폐떱쯼뗄떥캻펯샻쓜솦룟맽튻룶뗗쿟뗄쪱뫲닅쓜샻폃쯼뗄폅쫆ꆣ컒쏇퓙듎샻폃C폯퇔뇠돌,쪹폃쫽횵쒣쓢쯣램뇈뷏췪좫탅쾢Cournot믬뫏맑햼쒣탍뷢뗃뗄맺폐짌튵틸탐뗄뻹뫢샻죳ꛐ3s폫(33)쪽ꆢ(34)쪽훐뗄ꛐ3SHꆢꛐ3SLꆣ춬퇹뗄,Rf/Rs럖뇰캪1ꆢ2ꆢ3ꆢ4ꆢ5놶,맺폐뮯돌뛈횸뇪ꛕ=015믲0175,0<bL<bH<1,뗃떽뇭2ꆣ듓뇭2훐뿉횪떱bH돶쿖쪱,퓚맺폐짌튵틸탐듦뿮뗄춶쫕틦싊킡폚췢틸탐뗄춶쫕틦싊쪱,맺폐짌튵틸탐뗄뻹뫢샻죳뷼쯆뗘킡폚웤쎻폐맘폚bi뗄탅쾢폅쫆쪱뗄뻹뫢샻죳ꆣ떱bL돶쿖,늢쟒Rf/Rs듳폚2놶횮쪱,맺폐짌튵틸탐뗄뻹뫢샻죳춬퇹뷼쯆뗘킡폚웤늢늻뻟폐탅쾢폅쫆쪱뗄뻹뫢샻죳ꆣ뇭2ꆡ늻췪좫탅쾢폫췪좫탅쾢쟩뿶쿂맺폐짌튵틸탐뻹뫢샻죳뗄뇈뷏(뗚뛾훖짨뚨)ꛕ=015ꛕ=0175Rf/RSP(ꛐ3SH>ꛐ3S)P(ꛐ3SL<ꛐ3S)P(ꛐ3SH>ꛐ3S)P(ꛐ3SL<ꛐ3S)ꆡꆡ힢:(1)듋뒦0ꇜbL<bHꇜ1;(2)룅싊쫽횵P캪35듎쫔퇩뗄뻹횵,좡퇹ퟜ듎쫽듳폚5000췲ꆣꆡꆡ쏼쳢6ꆡ죧맻맺폐짌튵틸탐펵폐듦뿮릩룸솿퓶볓뗄샻싊쏴룐탔랽쏦뗄탅쾢폅쫆,퓲떱bH믲bL돶쿖,늢쟒Rf/Rs늻킡폚2놶횮쪱,웤뻹뫢샻죳튲뇭쿖돶듳폚웤늻뻟폐탅쾢폅쫆쪱뗄뻹뫢샻죳뗄뷼쯆쟷쫆ꆣ떫쫇,떱bH돶쿖쪱,맺폐짌튵틸탐뗄뻹뫢샻죳듳폚웤퓚췪좫탅쾢쿂뻹뫢샻죳뗄쟷쫆늢늻쿔훸ꆣ쳘뇰쫇퓚췢틸탐폫맺폐짌튵틸탐춶쫕틦싊믹놾쿠떱뗄쟩뿶쿂,듋쪱뗄탅쾢폅쫆랴뛸뮯돉쇋뺺헹쇓쫆ꆣ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
1ꆡ386뺭볃톧(벾뾯)뗚7뻭컒쏇횪뗀,bi랴펳쇋컼쫕룼뛠듦뿮쪱뗄돉놾ꆣ웤쯻쳵볾늻뇤,뷏횮폚췪좫탅쾢쟩뿶쿂뗄틸탐뺺헹,맺폐짌튵틸탐맘폚돉놾탅쾢뗄쿪뺡헆컕,쳘뇰쫇퓚쯼폫췢틸탐춶쫕틦싊믹놾쿠떱,듓뛸늻퓙탨튪튻캶뗘닉좡맦쒣삩헅뺺헹햽싔뗄쳵볾쿂,튲탭랴뛸믡쪹쯼퓚헹뛡쫐뎡럝뛮뗄쪱뫲캷쫗캷캲ꆣ뷡맻,ꆰ떨킡ꆱ뗄튻랽퓚뺺헹훐뗄폅쫆놻뗖복ꆣ뛸맺폐짌튵틸탐퓚듦뿮쫐뎡릩룸탐쟩랽쏦뗄탅쾢폅쫆,쓜릻쇮웤퓚훆뚩삿듦볆뮮뗈뺭펪쒿뇪뗄쪱뫲,룼볓돤럖뗘샻폃쫐뎡죝솿,틔ퟮ듳쿞뛈뗘ퟮ듳뮯ퟔ짭뗄뻹뫢샻죳횵ꆣ뇭쏦짏쯆뫵뚼쫇뻟폐탅쾢폅쫆,떫뛔폚맺폐짌튵틸탐뛸퇔,킹슶듦뿮쫐뎡릩룸탐쟩랽쏦뗄탅쾢붫복짙쯼쯹쓜믱뗃뗄뻹뫢샻죳,뛸퓚튻뚨쳵볾쿂,엻슶삿듦돉놾랽쏦뗄탅쾢좴믡퓶볓쯼뗄뻹뫢샻죳ꆣ컥ꆢ뷡ꆡꆡ싛뷡뫏훐맺틸탐튵룄룯랢햹뗄쿖쪵놳뺰,컒쏇럖뇰붨솢쇋튻룶맺폐짌튵틸탐뛔듦뿮쫐뎡릩룸탐쟩뻟폐탅쾢폅쫆뫍튻룶맺폐짌튵틸탐펵폐듦뿮릩룸솿퓶볓뗄샻싊쏴룐탔탅쾢폅쫆뗄Cournot믬뫏맑햼쒣탍ꆣ놾컄훘뗣럖컶쇋퓚늻춬탅쾢폅쫆짨뚨쿂,맺폐짌튵틸탐뗄뺭펪튵벨ꆪꆪꆪ쯹컼쫕뗄뻹뫢듦뿮솿폫뻹뫢샻죳ꆪꆪꆪ쫇죧뫎쫜떽쫐뎡릩룸탐쟩믲샻싊쏴룐탔,틔벰폫횮쿠맘뗄췢틸탐뗄쫐뎡풤웚펰쿬뗄,늢뇈뷏쇋뻟폐탅쾢폅쫆폫췪좫탅쾢솽훖쟩뿶쿂맺폐짌튵틸탐뗄뻹뫢샻죳ꆣ컒쏇랢쿖:1.퓚맺폐짌튵틸탐펵폐듦뿮쫐뎡릩룸탐쟩뗄탅쾢폅쫆쪱,췢틸탐풤웚듦뿮쫐뎡릩룸탐쟩솼뫃뗄뿉쓜탔풽듳,뻍믡쿠펦뗘뗷룟쯼쯹컼쫕뗄뻹뫢듦뿮솿;컞싛뫎훖릩룸탐쟩돶쿖,맺폐짌튵틸탐뗄뻹뫢듦뿮솿뚼붫쯦ퟅ쯼뗄듦뿮춶쫕틦싊믲헟헻룶듦뿮쫐뎡릩룸탐쟩뗄뇤뫃뛸퓶볓;떱듦뿮쫐뎡뗄릩룸탐쟩뷏뫃,췢틸탐풤웚뫃쫐뎡탐쟩돶쿖뗄룅싊풽듳,맺폐짌튵틸탐뗄뻹뫢샻죳뻍풽킡;떱듦뿮쫐뎡뗄릩룸탐쟩뷏닮,췢틸탐죏캪뫃쫐뎡탐쟩돶쿖뗄룅싊풽듳,뛔맺폐짌튵틸탐뗄뻹뫢샻죳뗄펰쿬늢늻좷뚨ꆣ퓚튻뚨뗄쳵볾쿂,췢틸탐죏캪뫃쫐뎡탐쟩돶쿖뗄룅싊풽듳,맺폐짌튵틸탐뗄뻹뫢샻죳뻍풽킡ꆣ2.떱맺폐뮯돌뛈ꛕ=0175쪱,늻싛쫇aL뮹쫇aH돶쿖,폫늻뻟놸탅쾢폅쫆쟩뿶쿂맺폐짌튵틸탐쯹쓜뗃떽뗄뻹뫢샻죳쿠뇈,펵폐뛔듦뿮쫐뎡릩룸탐쟩뗄탅쾢폅쫆믡쪹뗃맺폐짌튵틸탐듳쳥짏믱뗃룼뛠뗄뻹뫢샻죳ꆣ헢룶뷡싛퓚ꛕ=015쪱튲쫇돉솢뗄ꆣ3.떱맺폐짌튵틸탐펵폐듦뿮릩룸솿퓶볓뗄샻싊쏴룐탔랽쏦뗄탅쾢폅쫆쪱,췢틸탐풤웚돶쿖룟샻싊쏴룐탔뗄룅싊퓶듳,뻍믡쿠펦뗘복짙쯼쯹컼쫕뗄뻹뫢듦뿮솿;컞싛쪵볊짏뗄샻싊쏴룐탔쫇룟뮹쫇뗍,맺폐짌튵틸탐뗄뻹뫢듦뿮솿뚼붫쯦ퟅ듦뿮춶쫕틦싊뗄짏짽믲췢틸탐죏캪룟샻싊쏴룐탔돶쿖룅싊뗄뇤듳뛸퓶볓,늢쟒떱맺폐짌튵틸탐뗄떥캻쫕틦듳폚쒳튻뗗쿟쪱,췢틸탐풤' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
뗚4웚뫮쿾믔뗈:탅쾢폅쫆폫맺폐짌튵틸탐뗄튵벨1ꆡ387웚돶쿖룟샻싊쏴룐탔뗄룅싊퓶듳,믡쪹뗃맺폐짌튵틸탐뗄뻹뫢샻죳퓶볓ꆣ4.죧맻맺폐짌튵틸탐펵폐듦뿮릩룸솿퓶볓뗄샻싊쏴룐탔랽쏦뗄탅쾢폅쫆,퓲떱bH믲bL돶쿖,늢쟒Rf/Rs늻킡폚2놶횮쪱,웤뻹뫢샻죳튲뇭쿖돶듳폚웤늻뻟폐탅쾢폅쫆쪱뗄뻹뫢샻죳뗄뷼쯆쟷쫆ꆣ떫쫇,떱bH돶쿖쪱,맺폐짌튵틸탐뗄뻹뫢샻죳듳폚웤퓚췪좫탅쾢쿂뻹뫢샻죳뗄쟷쫆늢늻쿔훸ꆣ5.폫펵폐듦뿮쫐뎡릩룸탐쟩탅쾢폅쫆쪱뗄뷡맻늻춬,맺폐짌튵틸탐펵폐듦뿮릩룸솿퓶볓뗄샻싊쏴룐탔랽쏦뗄탅쾢폅쫆,퓚튻뚨쳵볾쿂튲탭랴뛸믡쪹쯼퓚헹뛡쫐뎡럝뛮뗄쪱뫲캷쫗캷캲ꆣ뷡맻,ꆰ떨킡ꆱ뗄튻랽퓚뺺헹훐뗄폅쫆놻뗖복ꆣ쳘뇰쫇퓚췢틸탐폫맺폐짌튵틸탐춶쫕틦싊믹놾쿠떱뗄쟩뿶쿂,맺폐짌튵틸탐퓚폫췢틸탐뷸탐닟싔탔뺺헹맽돌훐뗄탅쾢폅쫆랢짺쓦,뇤돉쇋뺺헹쇓쫆ꆣ붫쿠맘탅쾢폨틔탻룦뻍돉캪맺폐짌튵틸탐뗄샭탔톡퓱ꆣퟮ뫳탨튪잿뗷뗄쫇,컒쏇뗄헢킩퇐뺿랢쿖쫇듓튻룶붫쿖쪵컊쳢듳캪볲뮯쇋뗄샭싛쒣탍훐뗃돶뗄,틲듋늻뿉뇜쏢뗘뻟폐쿠떱듳뗄뻖쿞탔,컄훐뗃돶뗄훷튪뗄샭싛쏼쳢튲탨튪퓚훐맺틸탐튵뗄늻뛏랢햹폫쪵볹훐뗃떽볬퇩ꆣ닎뾼컄쿗[1]Anam,M.,,,ꆰTheStructureofMixedOligopolyunderUncertaintyꆱ,:// 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
1ꆡ388뺭볃톧(벾뾯)뗚7뻭[10]DePalma,A.,,ꆰCoordinationFailuresintheCournotApproachtoDeregulatedBankCompetitionꆱ,UniversityofParis,,2000.[11]뫩좨ꆶ,틸탐릫쮾훎샭럖컶ꆷꆣ놱뺩:훐탅돶냦짧,2005쓪ꆣ[12]Fershtman,C.,ꆰTheInterdependencebetweenOwnershipStatusandMarketStructure:TheCaseofPrivatizationꆱ,Economica,1990,57(227),319ꆪ328.[13]Fjell,K.,,ꆰAMixedOligopolyinthePresenceofForeignPrivateFirmsꆱ,CanadianJournalofEconomics,1996,29(3),737ꆪ743.[14]Freixas,X.,,:MITPress,1997.[15]Harris,R.,,ꆰGovernmentEnterprise:AnInstrumentfortheInternalRegulationofIndustryꆱ,CanadianJournalofEconomics,1980,13(1),125ꆪ132.[16]뫮쿾믔ꆢ훜쿨틭ꆢ벧짽솼ꆰ,믬뫏맑햼쫐뎡뷡릹쿂뗄맺폐막럝훆짌튵틸탐폫췢틸탐뺺헹퇐뺿ꆱ,퓘쿣룛돇쫐듳톧퇇첫뺭볃뫏ퟷ퇐뺿훐탄,TheCollectionofAllChinaEconomicsInternationalConfer2ence,훐맺쿣룛:쿣룛돇쫐듳톧,2006ꆣ[17]믆뷰쫷ꆰ,막럝훆맺폐웳튵뺭샭죋뗄폕틲톡퓱폫쏱펪뮯:믬뫏맑햼쒣탍뗄펦폃ꆱꆶ,쫀뷧뺭볃컄믣ꆷ,2005쓪뗚2웚,뗚42ꆪ50튳ꆣ[18]믆좺믛ꆶ,웳튵볒벤샸풼쫸폫맺폐웳튵룄룯ꆷꆣ놱뺩:훐맺죋쏱듳톧돶냦짧,2000쓪ꆣ[19]샮킡뻽ꆰ,컒맺막럝훆짌튵틸탐막좨뷡릹쪵횤퇐뺿ꆱꆶ,헣붭뺭볃ꆷ,2004쓪뗚4웚,뗚56ꆪ57튳ꆣ[20]십붨쳃ꆢ쇵몣좪ꆶ,훐맺맺폐웳튵룄룯뗄믘맋폫햹췻ꆷꆣ놱뺩:쫗뚼뺭볃쎳틗듳톧돶냦짧,1999쓪ꆣ[21]Matsumura,T.,ꆰPartialPrivatizationinMixedDuopolyꆱ,JournalofPublicEconomics,1998,70(3),473ꆪ483.[22]Merrill,W.,,ꆰGovernmentFirmsinOligopolyIndustries:AShortRunAnaly2sisꆱ,QuarterlyJournalofEconomics,1966,80(3),400ꆪ412.[23]Nishimori,A.,,ꆰPublicMonopoly,MixedOligopolyandProductiveEfficiencyꆱ,AustralianEconomicPapers,2002,41(2),185ꆪ190.[24]Purroy,P.,,ꆰStrategicCompetitioninRetailBankingunderExpensePreferenceBe2haviorꆱ,JournalofBankingandFinance,2000,24(5),809ꆪ824.[25]쟱헗쿩ꆰ,랢햹쏱펪틸탐펦룃짷횮폖짷ꆱꆶ,뺭볃닎뾼놨ꆷ,2003쓪9퓂17죕ꆣ[26]Saha,B.,,ꆰDivestmentandBankCompetitionꆱ,JournalofEconomics,2004,81(3),223ꆪ247.[27]Sealey,C.,,ꆰInputs,OutputsandaTheoryofProductionandCostatDepositoryFinancialInstitutionsꆱ,JournalofFinance,1977,32(4),1251ꆪ1266.[28]쯎ꆰ,싛놾쫐뎡뗄랢햹폫짌튵틸탐쫐뎡훎샭믺훆뗄폅뮯ꆱꆶ,쿖듺닆뺭ꆷ,2003쓪뗚5웚,뗚11ꆪ13튳ꆣ[29]쳀쏴ꆰ,쒿잰뾴살뾪럅쏱펪틸탐쪱믺뮹늻뫜돉쫬ꆱ,탂샋닆뺭, 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
뗚4웚뫮쿾믔뗈:탅쾢폅쫆폫맺폐짌튵틸탐뗄튵벨1ꆡ389[31]췵ퟔ솢ꆰ,쏱펪틸탐ힼ죫:쒿잰뮹틋뮺탐ꆪꆪꆪ볦폫늿럖뫴폵뾪럅쏱펪틸탐뗄춬횾짌좶ꆱꆶ,뷰죚퇐뺿ꆷ,2002쓪뗚11웚,뗚79ꆪ86튳ꆣ[32]White,M.,ꆰMixedOligopoly,PrivatizationandSubsidizationꆱ,EconomicsLetters,1996,53(2),189ꆪ195.[33]White,M.,ꆰManagerialIncentivesandtheDecisiontoHireManagersinMarketswithPublicandPrivateFirmsꆱ,EuropeanJournalofPoliticalEconomy,2001,17(4),877ꆪ896.[34]탬뗡쟬ꆰ,ꆮ닺좨컞맘ꆯ싛듭퓚쓄?폫색쿌욽짌좶ꆱ,탂샋닆뺭,,2004쓪9퓂20죕ꆣ[35]퇮쿾맢ꆢ슬쫚폀ꆰ,쏱펪놾뷸죫틸탐튵ꆪꆪꆪ뷡릹룄퓬뮹쫇닺좨룄퓬ꆱꆶ,뷰죚퇐뺿ꆷ,2003쓪뗚9웚,뗚99ꆪ106튳ꆣ[36]튶솢탂ꆰ,막럝훆짌튵틸탐닺좨훆뛈췪짆첽컶ꆱꆶ,쿖듺맜샭뿆톧ꆷ,2003쓪뗚10웚,뗚97ꆪ98튳ꆣ[37]폚솼뒺ꆢ뻏풴ꆰ,ꆮ쪮컥ꆯ웚볤컒맺틸탐튵랢햹폫쿠맘닺튵ퟩ횯헾닟첽쳖ꆱꆶ,룄룯ꆷ,2000쓪뗚3웚,뗚75ꆪ85튳ꆣ[38]헅캬펭ꆶ,웳튵샭싛폫훐맺웳튵룄룯ꆷꆣ놱뺩:놱뺩듳톧돶냦짧,1999쓪ꆣ[39]훜쿨틭ꆢ뫮쿾믔ꆢ벧짽솼ꆰ,닟싔탔뺺헹ꆢ맜샭쫚좨폫맺폐막럝훆짌튵틸탐뺭펪쒿뇪ꆱꆶ,뺭볃뿆톧ꆷ,2006쓪뗚4웚,뗚40ꆪ49튳ꆣInformationAdvantages,MarketExpectationsandthePerformanceofState2ownedCommercialBanks:AnAnalysisBasedontheCournotMixedOligopolyModelwithIncompleteInformationXIAOHUIHOUꆡXIANGYIZHOU(Xi’anJiaotongUniversity)SHENGLIANGJI(Xi’anTechnologicalUniversity)AbstractꆡBasedontwoCournotmixedoligopolymodelswithincompleteinformation,,' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
1ꆡ390뺭볃톧(벾뾯)뗚7뻭,specificinformationadvantagesꆪsuchasthoseonthesensitivityofsavingstoin2terestratefluctuationsꆪꆡG21,L13,D82' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
