市场信息集聚效应与交易效率的研究  

Research on market information gathering effects and transactions efficiency

作　　者：张永林[1] 张春杨[2] 李晓峰[1] 

机构地区：[1]北京师范大学经济与工商管理学院,北京100875 [2]中央财经大学经济学院,北京100081

出　　处：《管理科学学报》2011年第11期52-62,共11页Journal of Management Sciences in China

摘　　要：本文从市场交易这个角度来研究信息和效率问题.主要结果,1)提出了市场信息多样化和集聚的概念,并给出了信息集聚的数学表述;2)建立了不完全市场交易的讨价———还价交易谈判动态博弈模型,得到多阶段交易的贝尔曼方程;3)以此证明了市场信息的集聚效应,产生报酬递增和提高市场流动性.这是市场信息更重要的价值和作用机理,而不仅仅是通过解决多重均衡和降低交易费用来提高资源配置效率.由此本文作进一步证明,信息并不是抽象的市场因素,而是具有实际内在价值的资源.其作用不止是影响效率,更提高总量价值.因为它们减少了交易时间(搜寻时间和谈判时间).这是本文的重要性所在.In the paper, we study the problems of information and efficiency in terms of market transactions. The main results include ： 1 ） Presenting the conception of market information variety and information gathering and providing mathematical description of information gathering; 2） Setting up the living bargain model of imperfect market bargain games and Bellman equation of multiple transaction;3 ） Proving market information gathering effect, which increases returns and raises market liquidity. That is the more important values and mechanism of market information, than only increasing resources dispose through solving multiple equilibrium and reducing transaction costs. It is also proved that information is not an abstractive market factor but internal value resource. Function of information can have some effect on efficiency and increase total values due to decreasing transaction time （searcher time and bargain games）.

关 键 词：市场信息集聚 集聚效应 交易时间 报酬递增 市场流动性 

分 类 号：F016[经济管理—政治经济学]