Page 59 - kpi377
P. 59
flqJqJ 1 bbr1tJ1'~'I11'11U
nn ln~u\l AU 1 ~t!nm1'b~fl\lfl\l~flU 'U~n11'n11'b~fl\l' bbr11'1lj!)1' 1 Ub'IJl1In1'lb~fln~\l'IJfl\l
11I1.l~1 'linn In'V11\ln!)1'I~1£J 1'I1mb~b U1.lf..l Rn'l~'V1U~~~fl~flbfl£J\lnl1l~flrn (Reputation Effect)
t!nn11'b~fl\l~~o\ln1'l,h1'\l~1bbl'l'l.l\lbbvi\ll'lU'lJO\ll1lulufl\lA~m1'L~O\l,)1bUU~fl\ltJnU~I1I1~l1UfiflqJqJ1
~1 ~ lbbr1'l1lj!)'lb ~fl-rnlj1~fl b~lfJ\l lUl1In1~m1'L~fl\l1 U~~~A~ t!nn11'b~o\l~fl\l""£J1£J1~f..I~n~ul ~
~n1'lf..l~l1Iul£JU1£JLbn~fl\l~flU 'U~m1'A11~~'IJ' bbr1'l1lj!)1'I1I1~~1'l11'11LfltJ\lL~on~\l n1'lb~fln~\l
b uunn lmhAqJ~n~ ~ul ~t!nn1'lb~fl\l,ijfl\lfl\l~flU 'U~n1'lm'lb~O\l' ~~~,rUfl1lil~O\l ... hmb li1 um'l
b~fln~\lA-¥\l~O 1 tJ
luR\lA~~m'lf..l~l1Iul£JU1£Jbbn~n1'lfl\l~flU 'U~n1'ln11'b~O\l' 11I1~v1~o\lm'lbUUb~fl\l£J1n
b rtfl\l b 'Yl1'1~A11~~~'IJ~1l1£J 1 Ul1ln1~m1'b~O\l t!nm1'b~fl\lv1 bAtJfl'lJ'lJ1rlUlh~'I11'1fU 1 'UtJ'l~ b~U
bM£J1rluultJu1£J b~~'Ylu".i1m'lfl\l~flU 'ft'UA1' tJ'l1n!)..I1bbt11..I1b,h bbVl'U~unm1'b~O\llil~bftUO
'lJ1£Jul£JU1£J 1 Ul1ln1~m1'b~fl\l n~uba'Ufl'IJ1m~'U1Ul1ln1~,rU (~bbf..l'U1l1'Ylv1 2) b'Yl1'1~m1'bftUfl'IJ1tJ
.
~
b~ua1~11'rl-rnlj111ufiR'lJ'lJ11~~1nn11n11'baufl'IJ1tJul£JU1tJ uflnlil1nU n11'baUfl'IJ1tJb~'UV\l
aO~At1fl\lrlU1'~UUA11~R~11'U5b'll\l~tJtl~1l1uR\lA~1V1tJ b~'Ubu'Ui1lil:ijmhA'lJv11'1f10~'U1'~UUA11~
R~l1U5~\lnf111U 1 UR \l A~lh~uu A11~fl~11'U5 b 'll\lotJt1~JH~=i\lOti1\lbb UUbb l1'U n11'b~On ~ \l ~1 'li
•
nn ln~~tJ'l~ft'V15f..1n 1 um1'n~ ~U 1 ~t!nn11'b~fl\l-rnlj111Ufjfl'lJ'lJ1 1'1lj!)1'~1~ A1~VI1\ltJ1'~ t£J'lfU~'IJ
lil1n'Ut£Ju1£J~1'.J.jljrn11uq~n11'b~fln~\l1'1lj!)'lv1~n11'A1~m1'ruv1a~Ll'I~a~f..In (Rational Expec-
tation) ti O~ lJ.iA1 ~1'I1\l b'li'UU L 'Yl1'1~tJ1'~aUn11'ruv1 bn~;1u..I1 bbt11..I1 Lf11U\lUfln11 m1'A1 ~1'I1\l
r;l\ln f111d~1~-rum1'a'UO\l11l fluv1 b U'Ulil~\l m1U b vhv1tJ1'dtJ'lfua'IJv11~lil1n1'~UU A11~ R~11'U5 L'll\l
•
OtJ tlW1~~1 n n11tJ1'd£J'lfua'IJ~1~-rulil1n'U ltJU 1 £Jv1unn11'L~o\l1 '.J.jljrn1 1'1ljn1'ti03-l1J.ilflllil~lil::
•• :.J
U\lAU 1 ~unn11'L~fl\ltJnU~I1I1~l1u6fl'lJ'lJ11 uq ~n11'L~fln~\l bbn::l1In1~m1'b~fl\l~01liltJ-rU~1 dltJ
LL UU'lJO\ll1ln1~ l'Ufl~~A~l~
•
-r~61'1'~'IJ'lJ 1 U~~~A~1'I1fl-r~61'1'~'IJ'lJ 1 U~~~1l11:: (Optimal Constitution) :ijn~fl\l
b u U-rlQ 6 'l1'3-I un 1~~f..In 1 Um1'b tJ~£JULb tJn\ll ~l1In1~n11'L~fl\l~n11'bb 'li\l'l1Ufl~U1'ru Lbn~~f..In 1 'Um1'
Cll.t CUID~ co
tJ-ru b tJ~ tJ'Ul1In1~m1' b~O\ll tJfl1'tJ bb UUO~~A~ ~\ldl~tJ fhil\lO\lOUflUn ..... iO\l'IJO\lRn In 11m1'tJ~11'1'11I
'''' , ID ~:fD:t:
1 'U11I~1~n11'L~o\l~Lu'Ufl'lJ'lJ11~HJu£J (Implicit Contract) bb~:;R'lJ'lJ1v11J.ifl~'lJ1'ru (Incom-
plete Contract) 8n~\l ,ijfl\lfhW\lO\l';fl L i1lillil~\lv1t!nn11'b~fl\l bb~:;'Yl1'1'An11'b~fl\l'IJ1~ b VIAl U t~tjl 'U
m1'-rnlj111'UfiR'lJ'lJ1 (Commitment Technology) ~n~1tJ