<P>张维迎 博弈论与信息经济学 第五章 课后第三题</P>

<P 0cm TEXT-INDENT: list tab-stops: lfo1; l0 mso-list: 0pt 18.0pt? -18pt; 18pt; level1 150%; LINE-HEIGHT:><FONT face="Times New Roman">1、</FONT>假定代理人的效用函数是<FONT face="Times New Roman">U=w<SUP>(0.5)</SUP>-a(</FONT>就是根号<FONT face="Times New Roman">w-a),</FONT>其中<FONT face="Times New Roman">w</FONT>是工资收入，<FONT face="Times New Roman">a</FONT>是努力水平；<FONT face="Times New Roman">a</FONT>有两个可能值：<FONT face="Times New Roman">a=0</FONT>或<FONT face="Times New Roman">a=7</FONT>。假定有两个可能的产出水平：<FONT face="Times New Roman">p</FONT>＝<FONT face="Times New Roman">0</FONT>或<FONT face="Times New Roman">p</FONT>＝<FONT face="Times New Roman">1000</FONT>；代理人的努力水平影响不同产出出现的概率，如下表。委托人和代理人都能观察到产出，但只有代理人自己知道自己的努力水平。假定委托人是风险中性的，代理人的保留效用为<FONT face="Times New Roman">u</FONT>＝<FONT face="Times New Roman">4</FONT>，但代理人有绝对的讨价还价能力，从而委托人只能得到零期望利润。<BR>问题：（<FONT face="Times New Roman">1</FONT>）什么是实现高努力的激励相容约束、参与约束和零利润约束？<O:P></O:P></P>
<P 0cm 0pt; TEXT-INDENT: mso-char-indent-count: 150%; LINE-HEIGHT: 4.0? 48pt;>（<FONT face="Times New Roman">2</FONT>）如果工资是固定的，什么是代理人的效用水平？<O:P></O:P></P>
<P 0cm 0pt; TEXT-INDENT: mso-char-indent-count: 150%; LINE-HEIGHT: 4.0? 48pt;>（<FONT face="Times New Roman">3</FONT>）什么是最优激励合同和最优合同下代理人的效用水平？<O:P></O:P></P>
<P 0cm 0pt; TEXT-INDENT: mso-char-indent-count: 150%; LINE-HEIGHT: 4.0? 48pt;>（<FONT face="Times New Roman">4</FONT>）如果努力是可观察的，什么是代理人的效用水平？不可观测性使得代理人承担了多大的成本？<O:P></O:P></P>
<P>
<TABLE cellSpacing=0 cellPadding=0 border=1 0cm mso-padding-alt: BORDER-BOTTOM: BORDER-LEFT: BORDER-TOP: windowtext? solid .5pt mso-border-insidev: windowtext; mso-border-insideh: 5.4pt; 5.4pt .5pt; windowtext mso-border-alt: collapse; BORDER-COLLAPSE: none; medium 480; mso-yfti-tbllook:>

<TR yes? mso-yfti-firstrow: 0;>
<TD vAlign=top width=163 rowSpan=2 0cm; BACKGROUND-COLOR: BORDER-BOTTOM: PADDING-TOP: WIDTH: BORDER-LEFT: PADDING-BOTTOM: PADDING-LEFT: BORDER-TOP: PADDING-RIGHT: solid 5.4pt; windowtext mso-border-alt: transparent; solid; 1pt .5pt? 122.4pt;>
<P align=center 0cm TEXT-ALIGN: 0pt; center? 150%; LINE-HEIGHT:>努力<FONT face="Times New Roman">a<O:P></O:P></FONT></P></TD>
<TD vAlign=top width=405 colSpan=2 0cm; BACKGROUND-COLOR: BORDER-BOTTOM: PADDING-TOP: WIDTH: BORDER-LEFT: PADDING-BOTTOM: PADDING-LEFT: BORDER-TOP: PADDING-RIGHT: solid 5.4pt; .5pt; windowtext mso-border-alt: transparent; solid; 1pt .5pt? mso-border-left-alt: #ece9d8; 303.7pt;>
<P align=left 0cm left; TEXT-ALIGN: 0pt; tab-stops: 150%; LINE-HEIGHT: 146.45pt? center 63.0pt><FONT face="Times New Roman"> </FONT>不同产生出现的概率<O:P></O:P></P></TD></TR>
<TR 1?>
<TD vAlign=top width=216 0cm; BACKGROUND-COLOR: BORDER-BOTTOM: PADDING-TOP: WIDTH: BORDER-LEFT: PADDING-BOTTOM: PADDING-LEFT: BORDER-TOP: PADDING-RIGHT: solid 5.4pt; .5pt; windowtext mso-border-alt: transparent; solid; 1pt .5pt? mso-border-left-alt: #ece9d8; mso-border-top-alt: 161.65pt;>
<P align=center 0cm TEXT-ALIGN: 0pt; center? 150%; LINE-HEIGHT:><FONT face="Times New Roman">p</FONT>＝<FONT face="Times New Roman">0<O:P></O:P></FONT></P></TD>
<TD vAlign=top width=189 0cm; BACKGROUND-COLOR: BORDER-BOTTOM: PADDING-TOP: WIDTH: BORDER-LEFT: PADDING-BOTTOM: PADDING-LEFT: BORDER-TOP: PADDING-RIGHT: solid 5.4pt; .5pt; windowtext mso-border-alt: transparent; solid; 1pt .5pt? mso-border-left-alt: #ece9d8; mso-border-top-alt: 142.05pt;>
<P align=center 0cm TEXT-ALIGN: 0pt; center? 150%; LINE-HEIGHT:><FONT face="Times New Roman">p</FONT>＝<FONT face="Times New Roman">1000<O:P></O:P></FONT></P></TD></TR>
<TR 2?>
<TD vAlign=top width=163 0cm; BACKGROUND-COLOR: BORDER-BOTTOM: PADDING-TOP: WIDTH: BORDER-LEFT: PADDING-BOTTOM: PADDING-LEFT: BORDER-TOP: PADDING-RIGHT: solid 5.4pt; .5pt; windowtext mso-border-alt: transparent; solid; 1pt .5pt? #ece9d8; mso-border-top-alt: 122.4pt;>
<P align=center 0cm TEXT-ALIGN: 0pt; center? 150%; LINE-HEIGHT:><FONT face="Times New Roman">0<O:P></O:P></FONT></P></TD>
<TD vAlign=top width=216 0cm; BACKGROUND-COLOR: BORDER-BOTTOM: PADDING-TOP: WIDTH: BORDER-LEFT: PADDING-BOTTOM: PADDING-LEFT: BORDER-TOP: PADDING-RIGHT: solid 5.4pt; .5pt; windowtext mso-border-alt: transparent; solid; 1pt .5pt? mso-border-left-alt: #ece9d8; mso-border-top-alt: 161.65pt;>
<P align=center 0cm TEXT-ALIGN: 0pt; center? 150%; LINE-HEIGHT:><FONT face="Times New Roman">0.9<O:P></O:P></FONT></P></TD>
<TD vAlign=top width=189 0cm; BACKGROUND-COLOR: BORDER-BOTTOM: PADDING-TOP: WIDTH: BORDER-LEFT: PADDING-BOTTOM: PADDING-LEFT: BORDER-TOP: PADDING-RIGHT: solid 5.4pt; .5pt; windowtext mso-border-alt: transparent; solid; 1pt .5pt? mso-border-left-alt: #ece9d8; mso-border-top-alt: 142.05pt;>
<P align=center 0cm TEXT-ALIGN: 0pt; center? 150%; LINE-HEIGHT:><FONT face="Times New Roman">0.1<O:P></O:P></FONT></P></TD></TR>
<TR yes? mso-yfti-lastrow: 3;>
<TD vAlign=top width=163 0cm; BACKGROUND-COLOR: BORDER-BOTTOM: PADDING-TOP: WIDTH: BORDER-LEFT: PADDING-BOTTOM: PADDING-LEFT: BORDER-TOP: PADDING-RIGHT: solid 5.4pt; .5pt; windowtext mso-border-alt: transparent; solid; 1pt .5pt? #ece9d8; mso-border-top-alt: 122.4pt;>
<P align=center 0cm TEXT-ALIGN: 0pt; center? 150%; LINE-HEIGHT:><FONT face="Times New Roman">7<O:P></O:P></FONT></P></TD>
<TD vAlign=top width=216 0cm; BACKGROUND-COLOR: BORDER-BOTTOM: PADDING-TOP: WIDTH: BORDER-LEFT: PADDING-BOTTOM: PADDING-LEFT: BORDER-TOP: PADDING-RIGHT: solid 5.4pt; .5pt; windowtext mso-border-alt: transparent; solid; 1pt .5pt? mso-border-left-alt: #ece9d8; mso-border-top-alt: 161.65pt;>
<P align=center 0cm TEXT-ALIGN: 0pt; center? 150%; LINE-HEIGHT:><FONT face="Times New Roman">0.2<O:P></O:P></FONT></P></TD>
<TD vAlign=top width=189 0cm; BACKGROUND-COLOR: BORDER-BOTTOM: PADDING-TOP: WIDTH: BORDER-LEFT: PADDING-BOTTOM: PADDING-LEFT: BORDER-TOP: PADDING-RIGHT: solid 5.4pt; .5pt; windowtext mso-border-alt: transparent; solid; 1pt .5pt? mso-border-left-alt: #ece9d8; mso-border-top-alt: 142.05pt;>
<P align=center 0cm TEXT-ALIGN: 0pt; center? 150%; LINE-HEIGHT:><FONT face="Times New Roman">0.8<O:P></O:P></FONT></P></TD></TR></TABLE></P>