Dynamic Contract of Community Group Buying Platform Based on Bilateral Moral Hazard
Based on the principal-agent relationship between the platform and the group leader in the community group buying model,this paper constructs a two-stage dynamic game model,introduces the dismissal compensation of the community group buying platform and the overconfidence of the group leader into the model and works out the two-stage optimal dynamic contract design through game deduction and numerical simulation.Furthermore,the impact of these factors on the behavior choice of the principal and the agent is explored,and its regulatory role on bilateral moral hazard is discussed.It is found that the dismissal compensation mechanism increases the default cost of the platform and reduces the moral hazard of the platform.At the same time,the dismissal tendency weakens the negative impact of the ratchet effect,significantly improves the group leader's efforts in the first stage,but has no direct impact on his/her efforts in the second stage.However,it affects the principal-agent relationship of both parties by affecting the fixed payment in the second stage,which plays an indirect regulatory role on the leader's moral hazard.The leader's overconfidence tendency improves his/her efforts,reduces his/her moral hazard and increases his/her income to a certain extent.The platform's dynamic revision of the leader's qualification and competence can significantly affect the leader's efforts and share proportion.Therefore,it is necessary to strictly identify the leader's qualification and competence at an early stage,strengthen dynamic assessment and regular training to improve his/her professional competence and efforts.At the same time,it is essential to set up a reasonable dismissal compensation mechanism for the leader and improve the dynamic incentive contract.Only by regulating bilateral moral hazard,can the community group buying model be improved.
bilateral moral hazarddynamic contractdismissal compensationcommunity group buyingoverconfidence
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