Abstract
The authors have formed the space market structure which is distinguished by the junctional formation of the summed demand for a product or service between the participants at the same stage, which serves as a basis for the formation of demand at the next stages. The peculiarities of participants' interaction on the space services market are associated with incomplete awareness. It is advisable to use the methodological approach considered in the theory of contracts in the case of asymmetric information to develop models of interaction between market participants. Thus, based on the theory of contracts and taking into account the specifics of interaction in this article the authors have described the models for the generation of an optimal contract for the manufacturer of space vehicles and space services providers. The models are presented for the cases with symmetric and asymmetric information. As a result of solution of the task for the generation of an optimal contract, such parameters of the contract as satellite performance, the price of its information throughput unit, as well as the cumulative indicator of its technical and operational characteristics can be found in the course of interaction between these participants of the space market. The determined parameters of the contract allow maximizing the profit of the manufacturer of space vehicles.
Highlights
The volume of the world space market has increased almost 3 times for the last decade (Bocindzer 2017)
Asymmetric information is considered in the second case, when the manufacturer of space vehicles is not able to differentiate the satellite buyers and is dorced to employ a principle of identification of the type of provider in order to determine the optimal menu of contracts in the form of (x1*, p1*, 1*) and (x2*, p2*, 2*) for each type of it
The authors have developed a scheme of the space market structure
Summary
The volume of the world space market has increased almost 3 times for the last decade (Bocindzer 2017). The space market is very specific; one of its features is the closed nature of information about its participants and the interaction between them in the context of an individual contractual relationship. This is precisely why the development of the models of interaction between the participants of the space market is expedient based on the contract theory. The models for the generation of an optimal contract between the manufacturer of space vehicles and the space services providers are based on the models of adverse selection of the two types of operators in the context of the contract theory (Borch 1962; Balbás et al 2013, 2014; Bossaerts et al 2010; Ardalan et al 2017). Utility functions for the satellite service providers are selected in such a way that Spence-Mirrlees condition (strict single crossing condition) was met for them (Araujo, Moreira 2010)
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