STUDY ON TRIGGER MECHANISM OF AGRICULTURAL WATER RIGHT OPTION TRADING
As an innovative water rights trading model,agricultural water rights option trading is a new channel for finance to help green development.Exploring the trigger conditions and driving factors of agricultural water rights option trading,and promoting the application of water options trading mode in practice,is also an important part of building a unified national water rights trading market.Based on practical considerations,and according to a new perspective of trigger of agricultural water right option transaction,this paper constructed a four-way evolutionary game model of agricultural water users,industrial water users,government management departments and financial institutions,qualitatively studied the stability of strategy choices of each game player and the possible stable equilibrium points in the system by using the replication dynamic equation and Lyapunov first rule,and then analyzed the influence of key elements on the overall system evolution by using Matlab2018b simulation.The results showed that the slightly higher pricing of agricultural water right option fees,the reduction of transaction costs by financial institutions,the enhancement of credibility loss of government administrative departments and the increase of economic subsidies to financial institutions respectively increased the probability of agricultural water users,industrial water users,government administrative departments and financial institutions participating in agricultural water right option trading,and the ESS strategy combination was stable.Therefore,the triggering of agricultural water rights option trading requires the government to play its role and break through the threshold effect.Firstly,by providing economic subsidies to financial institutions,they are encouraged to choose innovative financial businesses;Secondly,financial institutions play an intermediary role,triggering agricultural and industrial water users to choose agricultural water rights option trading by reasonably pricing agricultural water rights option fees and reducing transaction costs;In addition,the loss of credibility will further enhance the binding force on government management departments,ultimately achieving a virtuous cycle triggered by agricultural water rights option trading.
agricultural water rightoption tradingevolutionary game theorytrigger mechanismdriving factor
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