CAJ | 학술논문

通过构造财富效用函数建立了产权协商交易定价模型，导出产权交易定价的加权边际效用零和方程．根据不同竞买人的偏好差异和对产权的预期价值差异，运用出售方与不同竞买人的加权边际效用零和的定价方程求解出对应的协商交易均衡价格，并选择最大均衡价格作为产权拍卖中标的参考价格．计算了不同中标价格的出售方和中标人的财富效用值和福利水平值，比较发现只有以最大均衡价格中标产权拍卖的福利水平和市场效率最高；若中标价格大于产权的最大预期价值，拍卖交易的福利水平为负，并出现所谓的“赢者灾难”．对竞买人用于竞标的财富实力对均衡价格的影响作了初步探讨，其研究结论符合常理．
통과구조재부효용함수건립료산권협상교역정개모형，도출산권교역정개적가권변제효용령화방정．근거불동경매인적편호차이화대산권적예기개치차이，운용출수방여불동경매인적가권변제효용령화적정개방정구해출대응적협상교역균형개격，병선택최대균형개격작위산권박매중표적삼고개격．계산료불동중표개격적출수방화중표인적재부효용치화복이수평치，비교발현지유이최대균형개격중표산권박매적복이수평화시장효솔최고；약중표개격대우산권적최대예기개치，박매교역적복이수평위부，병출현소위적“영자재난”．대경매인용우경표적재부실력대균형개격적영향작료초보탐토，기연구결론부합상리．
The bargaining pricing model is built by constructing the wealth utility function of property right price; the equation of weighted marginal utility zero-sum for solving the equilibrium price of property right is derived. In the light of differenc.es of preferences and expectation values to property right of buyers, the equilibrium prices of bargaining is solved by means of the different equations of weighted marginal utility zero-sum of seller and buyers with a numerical case, and the maximum equilibrium price is chosen as the winner reference price. The wealth utilities and welfare function level of the seller and the winners at different winner prices are computed, by the comparison of the computed results, only the maximum equilibrium price has the highest welfare function level and highest market efficiency. And if the winner price is higher than the maximum expected value of the property right, the welfare function level is negative, it is so called ＂Winner＇s curse＂. At last, the effect of wealth power of a buyer for target property right on equilibrium price is initially discussed, which result conforms to common rule.