CAJ | 학술논문

壳资源交易价格的确定是壳资源交易中最核心的问题，利用讨价还价博弈模型研究了子博弈精炼纳什均衡价格的确定问题。研究在三种情形下展开：第一种情形下，卖壳方和买壳方都只有一家，通过利用罗宾斯坦恩轮流出价模型，可以得到惟一的符合子博弈精炼纳什均衡条件的交易价格，它的取值与卖壳方的折扣因子成正比，与买壳方的折扣因子成反比。第二种情形是对第一种情形的扩展，此时卖壳方变为两个；第三种情形同样是对第一种情形的扩展，此时买壳方变为两个。在两种扩展模型中，分析了最终达成交易的两个参与方以及相应的子博弈精炼纳什均衡价格。
각자원교역개격적학정시각자원교역중최핵심적문제，이용토개환개박혁모형연구료자박혁정련납십균형개격적학정문제。연구재삼충정형하전개：제일충정형하，매각방화매각방도지유일가，통과이용라빈사탄은륜류출개모형，가이득도유일적부합자박혁정련납십균형조건적교역개격，타적취치여매각방적절구인자성정비，여매각방적절구인자성반비。제이충정형시대제일충정형적확전，차시매각방변위량개；제삼충정형동양시대제일충정형적확전，차시매각방변위량개。재량충확전모형중，분석료최종체성교역적량개삼여방이급상응적자박혁정련납십균형개격。
The price of shell resources （SR） is the key in the transactions of SR. This paper studied the determination of the sub-game perfect Nash equilibrium price using the bargaining game model. There are three eases, one-buyer and one-seller,one-buyer and two-seller,and two-buyer and one-seller. In the first case, we achieved the unique sub-game perfect Nash equilibrium price through the use of alternate bids Robbinstann model, and proved that the price is proportional to the buyer＇s discount factor and inversely proportional to the seller＇s dis count factor. In the following two cases,we certainly got the two final participants in the deal and the correspond ing sub-game perfect Nash equilibrium price.