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论文编号：	2323
作者编号：	2120082218
上传时间：	2010/6/8 21:14:38
中文题目：	刚性契约与弹性契约的比较实验研究
英文题目：	An Comparative Experimental Study on Rigid Contract and Flexible Contract
指导老师：	李建标
中文关键字：	刚性契约；弹性契约；社会偏好；风险偏好；比较制度实验
英文关键字：	Rigid contract;Flexible contract;Social preference;Risk preference;Comparative institutional experiment
中文摘要：	摘要 在契约交易过程中，根据缔约之后交易之前是否允许交易双方再次谈判，将契约划分为刚性契约和弹性契约。刚性契约在交易双方缔约时就规定了契约交易的全部内容，并且契约内容直至交易结束都不发生改变；弹性契约在交易双方缔约时只规定了契约交易的部分内容，根据未来状态的不同，弹性契约通过双方再次谈判达成交易。 本文根据Hart和Moore（2008）中刚性契约和弹性契约的模型，以契约交易过程为切入点，以交易过程中交易双方的各行为选择为核心，分别设计了交易过程中卖方经拍卖竞标获得契约和卖方经随机分配获得契约两种市场环境下的交易决策实验，利用比较制度实验分析的范式，考察不同市场环境下交易双方在两种契约中的交易行为特点。此外，通过引入社会偏好和风险偏好，考察不同偏好程度的行为人在契约交易中的行为差别。 实验结果表明，不同的市场环境对于刚性契约和弹性契约交易中的买卖双方所体现出的交易特点有着显著不同，不同偏好类型的买卖双方在刚性契约和弹性契约中所表现出的行为也有着明显的差别。第一，不同契约类型交易中，卖方提供产品的质量水平有着显著差别；有竞争的市场环境下，卖方提供的质量同买方提供的价格之间存在显著的正相关关系，并且刚性契约的平均市场效率小于弹性契约的平均市场效率。第二，引入社会偏好和风险偏好之后，我们发现强社会偏好的买方更加倾向于选择弹性契约，并且倾向于提供给卖方更高的购买价格，强社会偏好的卖方倾向于提供给买方更多低质量的产品。而强风险偏好的买方更加倾向于选择刚性契约，并且倾向于提供给卖方更低的购买价格。 论文的创新体现在两个方面：首先是在刚性契约与弹性契约的比较实验中，同时引入了有竞争和无竞争的两种市场机制；其次是引入社会偏好和风险偏好，考察不同偏好程度的人对于刚性契约和弹性契约在交易过程中所体现出的不同行为特点。
英文摘要：	Abstract During the process of the contract transactions, based on the principle that whether the renegotiation is permitted or not after the contracting and before the transaction, we divide contracts as rigid contracts and flexible contracts. The rigid contracts fix all the details of the transaction when the parties make the contracting, the content of the contract will not be changed. While the flexible contracts set part of the transaction, the parties may have a renegotiation in order to make a deal. According to the model of Hart and Moore(2008), We take the process of contract transactions as the beginning, the behavior choices of the transaction parties as the core to design two kinds of trading decisions experiments. For one treatment there exists competition for the sellers to get the contracts, for the other, there exists no competition. We use the comparative institutional analysis of the experimental paradigm to observe the different trading behavior characteristics of the parties in the rigid contract and the flexible contract. Besides, we also observe the different trading behavior characteristics among the subjects who has different social preference and risk preference. The experiment results show that the parties have different behavior choices in the different competition enviroment, and the difference in the preference of the subjects also leads to the different behavior choices. First, We find that the sellers provide different quality products in the rigid cotract transaction and the flexible cotract transaction; The quality of the products provided by the sellers and the price provided by the buyers have the regression relationship when there exists competition for the sellers to get the contracts, The market efficiency in the rigid contract transaction is smaller than in the flexible contract transaction. Second, We find that the buyers who have stronger social preference tend to choose more flexible contracts and to provide higher price for the sellers, the sellers who have stronger social preference tend to provide lower quality products for the buyers. While the buyers who have stronger risk preference tend to choose more rigid contracts and to provide lower price for the sellers. There are mainly two innovations in this paper. One is that we introduce both of the competition and no competition market mechanism in the comparative experiments of the rigid contracts and the flexible contracts; The other is that we observe the subjects’ different behavior choices in the rigid contract transactions and the flexible contracts who has different the social preference and the risk preference.
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