基于共同价值与关联价值信息结构的中国土地拍卖理论与实验研究

The development of land auction regulation is currently a necessary and important issue in China. Our project will study this problem by the "auction theory- - controlled experiments" procedure. The existing research on the land auction in China adopted a private value information structure. We are the first to introduce common value and affiliated value information structure into land auction studies in China. We are going to build theoretical models for land auction under common value and affiliated value assumptions, and test the theoretical predictions through controlled experiments. We are going to find the equilibrium bid strategies, compare sellers' expected revenue as well as allocation efficiency. Wee will also study the optimal mechanism design from the seller's point of view: including auction formats, optimal number of bidders, optimal degree of information disclosure, optimal reserve price and etc. Our project could help the government make proper adjustment of auction designs for each specific case of land auction according to the characteristics of the land and the policy goals.

土地拍卖制度的完善与发展是十二五规划亟待解决的问题。本项目按照"拍卖理论- - 受控实验研究"的步骤研究我国的土地招拍挂制度。中国已有的土地拍卖研究采用的是私有价值的信息结构，本项目首次引入了共同价值与关联价值的信息结构框架。我们将建立共同与关联价值下的土地拍卖理论模型，并进行受控实验以检验理论预期结果。本项目的研究力图刻画竞拍者的均衡投标策略，比较不同机制在预期收益和分配效率方面的优劣，并从卖家角度考察最优拍卖机制设计问题，包括拍卖方式的选择、最优竞拍者个数、最优信息披露以及最优起拍价等，从而帮助政府根据不同土地交易的具体特征、为实现不同的政策目标，对各项土地交易进行有针对性的设计。