构建可信支付网络的顶层机制设计

支付是电子商务交易的关键环节,构建一个可信支付网络(reliable payments network,RPN)是电子商务可信交易环境的重要问题。以电子货币为代表的新兴支付工具迅速崛起改变了支付的风险特征,凸显了机制设计方法在RPN构建中的作用。该文分析了电子货币支付系统带来的风险挑战,提出了RPN问题的形式化定义,进而利用博弈论构建了RPN的理论模型。模型显示了支付网络安全防护"最弱一环"的动机错配困境。有针对性地提出了两类具有通用意义的政策干预工具:安全标准监管和损失责任分配机制。对工具效果进行了理论验证,从而为进一步的支付系统设计和监管政策实施奠定了基础。

Constructing a reliable payments network:High level mechanism design

A reliable payments network(RPN),a key infrastructure of e-commerce systems,is essential for a trusted transaction environment.The wide spread use of electronic money has changed the payment risk profile,leading to a more prominent role for the RPN mechanism design.This paper analyzes the challenges brought by e-money and gives formal definitions for the RPN.A payment model based on game theory shows the weakest-link incentive misalignment dilemma in payment networks.Two policy tools to address the problem are ex ante regulation of the security standard and ex post liability for agents who fail to meet the standard.The effect of the toolset is verified in the model.