论逆向选择与网络交易的中间化

逆向选择源于信息的不对称。信息不对称会导致严重的后果，它会降低市场交易的效率，严重时会导致市场失灵。与传统交易一样，网络交易中同样存在逆向选择问题，甚至程度更加严重。应对网络交易中的逆向选择需要有其特殊的机制。并从分离均衡、福利促进和声誉转移三个角度分析网络中介在信息不对称的网络交易中的作用，从而为网络交易的中间化提供理论说明。

The Adverse Selection and Intermediation in the E-commerce

Resulted from asymmetric information,adverse selection can lead to severe results.It reduces the efficiency of the market,sometimes even the market failure.Like the traditional commerce,the problem of adverse selection can be found in the E-commerce,and even more severe.However,the mechanism that used in traditional commerce can't solve this problem thoroughly in the E-commerce.It requires some special mechanisms to make the E-market more effective.This paper analyzes the functions of the the intermediaries from different angles in the E-commerce in order to support the theory of the intermediation.