基于公平偏好和过度自信的风险投资契约模型

论文将行为经济学中的非理性心理引入传统的风险契约模型,考虑风险企业家具有公平偏好和过度自信心理情况下的激励机制。研究表明,风险企业家对风险企业产出的最优分享比例会随着公平偏好程度和过度自信程度的增加而增加。风险企业家的创造能力高,最优努力水平随着公平偏好程度的增加而增加;风险企业家的创造能力低,最优努力水平随着公平偏好程度的增加而减小。

A Venture Capital Contract Model Based on Fairness Preference and Overconfidence

This paper introduces the irrational psychology of behavioral economics into the traditional venture contract model,and considers the incentive mechanism in the context of venture entrepreneurs with fairness preferences and overconfident psychology.The study shows that the optimal sharing ratio set by the venture entrepreneurs for the output of the venture enterprises increases with the increase of the degree of fairness preference and overconfidence.Venture entrepreneurs'creativity is high,and the optimal effort level increases with the increase of fairness preference degree.Venture entrepreneurs'creativity is low,and the optimal effort level decreases with the increase of fairness preference degree.