Pareto Improvement to Return Model in BOT Project
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摘要: 在委托-代理理论框架下,建立了BOT项目中政府和项目公司双方的传统收益模型.对该模型的分析表明,代理人(项目公司)在特许权期内运营项目时不会选择对委托人(政府)最有利的行动,原因是在传统的收益模型中委托人向代理人支付报酬的合同不满足参与约束.对原收益模型进行帕累托改进后,使参与约束得到满足,进而在代理人的收益不受影响的同时,使代理人选择能增加委托人收益的行动.Abstract: A traditional return model of the BOT project was derived based on the principle-agent theory.Analysis of the mode indicates that the agent(project company) will not chose an action favorable to the principal(government).This is because the traditional contract does not meet the agent’s participation constraint.A Pareto improvement was made to the traditional return model,which makes the model meet the agent’s participation constraint.In the modified model,the agent will choose an action favorable to the principal,while its own return is not affected.
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Key words:
- Pareto principle /
- Pareto improvement /
- BOT /
- concession term /
- principle-agent theory
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