Design And Application Of A Three-dimensional Credit Game Model In Peer-to-Peer Lending

On the basis of Evolutionary Game Theory,the paper establish a three-dimensional Credit Game Model in Peer-to-Peer Lending,which can be used to explain the dynamic game between P2P platform,the borrower and the investor under pure information and guarantee mode.The model also can be used to explain the three-dimensional game in P2P lending,then find out the factors that affect the stability strategy of evolutionary game,using transaction data of supply chain P2P platform to inspect the model.Finally,summary and put forward the corresponding recommendations.The main conclusions of this paper are as follows:(1)Under the pure information mode of P2P network lending,the higher the lending rates,the higher the cost that the borrower spend to raise his credit level,the less the amount of loans,the borrower tend to pay back,and the investor tend to invest on the P2P platform,then the three-dimensional Credit Game is more like to be stable.(2)Under the guarantee mode of P2P network lending,the higher the lending rates,the higher the cost that the borrower spend to raise his credit level,the less the amount of loans,the greater the guarantee conversion rate,the greater the loss of platform reputation,then the three-dimensional Credit Game is more like to be stable,however it can't last long.(3)The factors that affect the stability strategy of three-dimensional Credit Game analysis:the higher the loan interest rate(or the greater the difference between loan interest and deposit interest),the less the amount of loans,the greater the guarantee conversion rate,the investor is more tend to lend money to the borrower.The less reputation loss or the penalty when the borrower doesn't pay back,the less the cost that the borrower spend to raise his credit level,the higher the platform service fee,the more the amount of loans,the higher the loan interest rate,the borrower is more and more tend to not pay back.The higher the cost and the less reputation loss when the platform do not pursue the borrower's liability,then the platform tend not to pursue the borrower's liability.