Is risk-sharing resource taxation in society's best interests if prices are log-normally distributed?

This paper contributes to our understanding of the perceived benefits for society of risk-sharing resource taxation. In the particular context of log-normally distributed prices a model is developed which enables comparison of risk-sharing resource taxation with an alternative in determining the overall return to society from auctioning an extraction lease. The main finding of the paper is a potential exception to the general preference for risk-sharing resource taxation if the bidding firms are effectively risk neutral. This exception is illustrated numerically in the context of the impact of increased price uncertainty, but it is shown not to be robust with respect to divergences from risk neutrality in the risk attitudes of firms. Consequently, it is concluded that the choice of risk-sharing resource taxation is likely to be in society's best interests, regardless of the probability distribution of prices.     

基于运输代理制的运输企业合作关系风险分析

研究运输代理制下运输代理企业和运输企业合作风险问题,既能从实践上,明晰双方的风险分担机制,从而解决双方的利益分配问题,又能从理论上,充实运输代理制有关理论的研究。笔者从委托-代理关系角度,在分析运输代理企业和运输企业之间的合作关系特点的基础上,指出了合作中存在的风险及其产生的原因,并利用委托-代理理论建立了运输产出不确定情况下的委托代理数学模型;分析了合作中双方风险分担的条件及措施,同时讨论了与之对应的最优报酬合同和剩余索取权问题,并给出了具有现实指导意义的几个新的观点。利用信息经济学的委托-代理理论,研究运输代理与运输企业之间合作关系中的风险问题,这是方法应用上的创新。