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Financial Supervision of Third-Party Payment Based on Evolutionary Game

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Submitted By zzy19901103
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Financial Supervision of Third-party Payment Based on Evolutionary Game
Zhenyuan Zhu
School of Management
Tianjin University, Tianjin, 300072, China j_j8797@yahoo.com.cn Abstract: Under the assumption of low rationality, this paper establishes the Evolutionary Game model between the supervision departments of third-party payment and operators of third-party payment platform, studying the replicator dynamics equations and the procedure of dynamic evolutionary. Also it draws the conclusion that there is no evolutionary stable strategy based on the analysis of Jacobian Matrix. Furthermore, this paper gives strategies concerning both colonies to regulate the third-party payment market.
Keywords: evolutionary game, third-party payment, financial supervision
I. INTRODUCTION
With the web technology and E-commerce thriving across the mainland, the expanding speed of Chinese third-party payment market (hereafter be shorted as “the Market”) has accelerated to a striking level. According to the Report on Development State of Chinese Online Payment Industry 2010-2011 conducted by www.iresearch.cn, the Market’s trading scale has raised to 353.7 billion RMB during the fourth quarter of 2010, increasing 129.4% year-on-year and 32.6% period-on-period. [1] Meanwhile the governmental supervision of third-party payment platform (hereafter be shorted as “the Platform”) remains vacant, leaving a risk of misappropriation with the numerous amount of sedimentary money preserved by the Platform. Furthermore, the impact of virtual currency on realistic currency should be taken into account.
Up to now, many scholars home and abroad have given their issues over the existing problems of the supervision on the Platform and the solutions of these problems as well. Cecelia Kye mentioned about the supervision over third-party payment in her report [2]; Jixin Zhu and Li Zhang focus

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