学者在博弈论对贴现因子的定义：贴现因子是讨价还价博弈中的一个很重要的概念，Gibbons将贴现因子定义为“货币的时间价值”，实际上就是（? ）。
In the game theory, scholars define the discount factor: the discount factor is a very important concept in the bargaining game, and Gibbons defines the discount factor as the “time value of money”, which is actually (?).
新凯恩斯学派（New-keynesian School）诞生于20世纪70年代中叶，主要代表人物有曼昆、萨墨斯、布兰查德、罗泰姆·伯格、阿克洛夫、斯蒂格利茨、本·伯南克等人。
The New-Keynesian School was born in the mid-1970s and is mainly represented by Manquin, Summers, Blanchard, Rotem Berg, Aklov, Stiglitz, Ben Bernanke and others.
所谓不完全信息（Incomplete Information）是指市场参与者不拥有某种经济环境状态的全部知识。新凯恩斯学派认为，不完全信息经济比完全信息经济更加具有现实性，市场均衡理论必须在不完全信息条件下予以修正。信息不完全不仅是指那种绝对意义上的不完全，即由于认识能力的限制，人们不可能知道在任何时候、任何地方发生任何情况，而且是指“相对”意义上的不完全，即市场经济本身不能够生产出足够的信息并有效的配置它们。
According to the New Keynesian school, the incomplete information economy is more realistic than the full information economy, and market equilibrium theory must be modified under conditions of incomplete information. Information is not simply incomplete in the absolute sense that, because of cognitive constraints, one cannot know anything at any time or anywhere, but incomplete in the “relative” sense that the market economy itself cannot produce enough information and effectively configure them.
在均衡理论中，新凯恩斯学派认为，每个市场参与者的经济决策所需的信息并不是一个恒量，而是一个可以创造的变量，市场参与者不可能在某个时点上共同拥有初始信息，阶段信息或终止信息，这样，在现实经济活动中不可能存在一个所谓的能够无偿提供完全信息的拍卖人。更重要的是，在现实经济中，信息的传播和接受都需要花费成本，而市场通信系统的局限和市场参与者释放市场噪声等客观和主观因素的影响也都将严重阻碍市场信息的交流和有效的传播。
In the theory of balance, the New Keynesian school believes that the information needed for the economic decision-making of each market participant is not a constant, but a variable that can be created, and that market participants cannot share initial, stage or termination information at a certain point in time, so that there can be no so-called auctioneers in real economic activity who can provide complete information free of charge. More importantly, in the real economy, the dissemination and acceptance of information requires costs, and the limitations of market communications systems and the impact of objective and subjective factors such as market noise released by market participants will also seriously hamper the exchange and effective dissemination of market information.
由于不完全信息条件下市场价格机制可能失灵，市场参与者之间供求关系也就有可能不通过价格体系达到均衡状态，这样，只有通过实物形式的市场条件才能使市场达到均衡。然而，隐含完全信息条件的新古典学派的理论则认为，市场机制是完备的，市场均衡可以通过价格形式而实现。
Because market price mechanisms may fail under incomplete information conditions, there is a risk that supply-demand relationships among market participants may not be balanced through price systems, so that market balances can be achieved only through market conditions in physical form. However, neoclassical theories that imply complete information conditions argue that market mechanisms are adequate, and market balances can be achieved through price forms.
很明显，在新凯恩斯学派的理论中，市场均衡只能是在不完全信息条件下的均衡，并且由于存在信息成本，达到均衡的主要调节机制只能是实物形式，而不是价格形式的。这样，一般均衡所要求的市场参与者之间信息无差别条件就被差别信息普遍存在于市场参与者之中的条件所取代，随之而来的假设完全信息均衡模型被信息经济学中各种不完全信息的均衡模型所取代。
It is clear that, in the New Keynesian theory, market balances can only be balanced under incomplete information conditions, and because of the cost of information, the main regulatory mechanism to achieve them can only be in physical form rather than in price form. Thus, the non-differentiated conditions of information between market participants required for general equilibrium are replaced by the conditions in which different information is prevalent among market participants, with the subsequent assumption that full information balances models are replaced by equilibrium models of different kinds of incomplete information in information economics.
从经济博弈的视角，不完全信息博弈：对其他参与人的特征、策略空间及收益函数信息了解的不够准确、或者不是对所有参与人的特征、策略空间及收益函数都有准信息，在这种情况下进行的博弈就是不完全信息博弈。此类博弈具有重要的研究意义。
From the point of view of economic games, incomplete information games: these games are important for research.
A、贴现率=r/（1+r）
A. Discount rate = r/ (1+r)
B、贴现率=r/（1-r）
B. Discount rate = r/(1-r)
C、贴现率=1/（1+r）
C. Discount rate = 1/(1+r)
D、贴现率=1/（1-r）
D. Discount rate = 1/(1-r)
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