基于信息更新的报童模型理性预期均衡分析

交易行为既是买卖双方博弈的随机过程,同时又体现了均衡的存在性和一致性。基于报童模型设计构造了信息不对称的商品交易市场,依据更新的信息属性,定义了两阶段的理性预期均衡,并分析了均衡条件下的性质,发现理性预期均衡下扩大的库存水平的收益大于非均衡条件下的收益。最后运用正态需求函数实例进行数值分析,计算信息更新产生的信息价值,验证了理性预期均衡分析报童模型的有效性。

Rational Expectations Equilibrium Analysis to Newsvendor Model with Updating Information

Trading behavior in a game of buyers and sellers is not only a stochastic proces s, but also reflects the equilibrium of the existence and consistency. Based on a newsvendor model, the structure of information asymmetry commodity trading mar ket is designed and constructed. According to updating values of information, de finitions of two-stage rational expectation equilibrium are presented and prope rties on the equilibrium condition are analyzed. These findings reveal that payo ff of inventory level in rational expectations equilibrium is larger than in non equilibrium. Finally, a numerical example with normal demand function is analyze d to compute information value with updating information and verify the validity of the rational expectations equilibrium.