Research on Moral Hazard Prevention of PPP Projects with Public Participation——Based on the Perspective of Dual Principal-agent
Based on the dual principal-agent theory,this paper analyzes the moral hazard of government and enterprises in PPP projects,and studies the role of the public,as the ultimate principal in dual principal-agent,in preventing the generation of moral hazard in public-private cooperation.Using the method of evolutionary game,this paper constructs a tripartite game model under the government enterprise game and public participation.Comparing the evolution results of the two models,it is found that:1)For enterprises,the probability of enterprises not taking moral hazard behavior is positively related to the probability of government strict supervision and public participation in supervision;2)For the government,public participation makes the probability of government strict supervision and the probability of enterprises taking moral hazard change from positive correlation to negative correlation;3)For the public,public participation is mainly affected by the cost of participation and government reporting incentives.Therefore,relevant suggestions are put forward to promote public participation and prevent moral risks of the government and enterprises.
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