交易经济学

Trade cost theory, market validity theory and Commission theory are the economic foundation of Bill broker"s system. Two commission models under symmetry and asymmetry information between the investor and bill broker was structured in view of above, probing into two major interests subjects" distribution mode in interests, risk and encourage goal, and establishing the economies" foundation for the standardization development and perfection of bill broker"s system.

交易成本理论、市场有效性理论和委托—代理理论是证券经纪人制度的经济学基础，据此，笔者构建了信息对称和信息不对称两种情况下投资者和证券经纪人之间的委托—代理模型，探讨两大利益主体在利益、风险和激励上的目标分配模式，为证券经纪人制度的规范化发展和完善奠定了经济学基础。

On the stage, our country's water resource hasn't have the qualifications to push whole marketing, still must hold the main body of public water rights. However, considering the water resource's sustainable utilization and taking marketing system of water resource as an assistance to raise the utilization efficiency of water resource. Genially speaking, the government must distribute the water which is related tightly to our dairy life and ecology.

因此，本文首先界定了与水权交易制度相关的基本概念，进而构建了水权交易制度经济学分析框架；其次通过对我国首例水权交易的案例分析，揭示了我国水权制度变迁的动因和路径；然后结合国外水权交易制度实施的成功经验，提出了建立和完善我国水权交易制度的政策建议。

New-made degree of for example contemporary main current economics of in the development of 'The world of Adam Smith ', almost is at a kind of ideal bargain expenses for zero of the 'the system get empty to lack ' theories suppose under carry on its theories to analyze to set up and model, this is totally different with true mankind's society, trading expensive reality of expenses in China a system set up the process particularly under, how lower to trade expenses effectively is the problem that needs consideration urgently.

比如当代主流的新制度经济学的"科斯世界"的发展中，几乎是在一种理想的交易费用为零的"制度空缺"理论假设下进行其理论分析和模型构建，这与真实的人类社会是相去甚远的，尤其在中国一个制度构建过程中交易费用昂贵的现实下，如何有效的降低交易费用是急需考虑的问题。

The second part is the basic trading forms of the future market and the ways by which various entities participate in the distribution of the surplus value. The basic trading forms of the future market include the arbitrage, the speculation trade, the stock option trade and the stock swap.

期货市场的基本交易形式包括套期保值交易形式、投机交易基本形式、期权交易形式和互换交易形式，每一种交易形式都有其经济学原理。

As the evolution of economics, new classical economics has been grown for three stages in natural monopoly, and they are economics of scales, economics of scopes and subadditivity of costs in turn. We review and analyze these thoughts and theories about natural monopoly, and then forecast the trend of natural monopoly theory based on the new institute economics.

本文在对这些理论加以梳理、分析之后，借助新制度经济学的理论和分析工具，预测了自然垄断理论的发展趋势，那就是自然垄断成因由技术成本因素过度到交易成本因素，自然垄断形成机制是在经济学上的自增强机制以及交易成本约束下的一体化理论下完成的，这与先验性的决定自然垄断然后再在行政上加以规制是不同的。

According to the modern western economics theory, under the environment of bad credit, because of the unsymmetry of information, out of the inclination to maximize his own interests, the economic subject will disobey credit among the market trade course, thus raise the trade risk and transaction cost and reduce economic operational efficiency.

根据现代西方经济学理论，在不良信用环境下，由于信息的不对称性，出于自身利益最大化的倾向，经济主体在市场交易过程中会产生违信行为，从而提高交易风险与交易成本，降低经济运行效率。

The thesis has three theoretic fundamentals. The first basis is the theory of international relation, which contains several concepts such as state interest, international cooperation, international regimes , international governance, international negotiation democracy and international political economy. The second one is the game theory, which includes such concepts as game theory, Nash equilibrium and Pareto optimum, six basic game graphs are prisoner's dilemma, boxed pigs, chicken, hegemony, stag bant and battle of the sexes, the major factors are information communication, benefits allocation, hegemony power, time ＆ repeated and player number etc. The third one is the theory of environmental economics, whose prime concepts are public good, externality, free riding and market failure, but the methods to internalize externality are cap ＆ trade , carbon taxes and policy ＆ measures .

本文有3个理论基础：一是国际关系理论，其基本概念包括：国家利益、国际合作、国际制度、国际治理、国际谈判民主制和国际政治经济学；二是博弈论，其基本概念包括：博弈论、纳什均衡与帕累托最优，所采用的6种基本博弈图式为，囚徒困境博弈、智猪博弈、斗鸡博弈、盟主博弈、捕鹿博弈和性别战博弈，影响博弈结局的要素主要是，信息与沟通、利益分配与利益选择、盟主与引导力量、时间与重复博弈、博弈者数量的影响；三是环境经济学理论，其基本概念包括：公共物品、外部性、搭便车和市场失灵，解决外部性的基本方法是，限量与交易、碳税和政策与措施。

The system is analysed structures of pair of money property right, trade the analysis that wait brings into reason of not cost, complete information, limitary the academic frame of new classical economics, the face of new classical economics was changed on certain level.

制度分析把对财产权结构、交易成本、不完全的信息、有限制的理性等的分析纳入新古典经济学的理论框架，在一定程度上改变了新古典经济学的面貌。

With complex system and behavioural finance theory, a multi-agent trade market model is primarily built. Furthermore a relevant information auto- retrieval platform based on Internet, a background-based distributed computing platform for apperceiving agent and a simulated real-time trade system are primarily realized. Both experimental results and theoretical analyse show that effective market hypothesis as support for capital market and capital asset pricing theory (Nobel Prize in economics in 1990) are defective. These results also verify the feature of GARCH model (Nobel Prize in economics in 2003). Moreover, a quantitative analytic way to behavioural capital asset pricing theory (Nobel Prize in economics in 2002) in behavioural finance is presented.

结合复杂系统理论和行为金融学理论，初步建立了一个主体交易市场模型，一个基于互联网的信息自动获取平台、一个基于后台分布式主体感知计算平台和一个模拟实时交易的原型系统，在此基础上，通过大量的数据计算、实验和理论分析，指出了资本市场的理论支柱之一的有效市场假设理论和资本资产定价理论（1990年诺贝尔经济学奖）存在的缺陷，验证了GARCH模型（2003年诺贝尔经济学奖）的特征，提供了行为金融学中行为资产定价理论（2002年诺贝尔经济学奖）的初步量化分析结果。

Thirdly, the water rights and their trading institutions have been studied in details. The trading incentives and criteria of water resources have been drawn up. According to marketing economy, new trading institutions, including leasing via temporary market, sale and leaseback and option development etc., have been developed, in which the standard steps for leasing via temporary market have been involved and a price model of option development has been founded, too.

进行水权与交易机制的研究，提出了进行水资源交易的诱因和交易的基本原则，根据市场经济学提出了采用通过临时市场交易、售出再租回及采用期权等方法进行水权交易，研究了售出再租回的标准步骤，采用期权理论建立了水资源的期权交易价格模型。

On closer examination, though, this is not a vote for multilateralism but just the opposite.

仔细审视后我们发现，这并非是对多边主义投出的赞成票，而是恰好相反。

Uncovering their weak spots, so I can defeat them.

揭露出他们的弱点，这样我就可以打败他们了。