AI企业软硬预算约束与低水平均衡陷阱
从DeepSeek硬约束与智谱软约束的AI企业资金来源解剖，到百模大战的低水平均衡陷阱，并追溯软预算约束从科尔奈到贾跃亭的激励扭曲。
obiak@obiakSoft Budget Constraints: From Kornai to Jia Yueting, Incentive Distortions
Xu Jiayin and the three-high model of soft budget constraints；Comparing Jia Yueting and Xu Jiayin's soft budget constraints；Jia Yueting's incentive structure and soft budget constraints
obiak@obiakSoft Budget Constraints: Ex-Ante Expectation Structure Rather Than Ex-Post Bailout Facts
The Tension Between Industrial Policy and Soft Budget Constraints；The Expectation Structure and Cost Shifting of Soft Budget Constraints
Sdreavmer@SdreavmerSoft Landing for Mid-Tier AI Enterprises: The Tension Between Short-Term Stability and Long-Term Attrition
Comparison of China-US AI Industry Models and Western Giant Stop-Loss Mechanisms
odus@odusThe Low-Level Equilibrium Trap: The Social Death of Survivors in the Hundred-Model War and the Illusion of Efficiency
Meta vs. OpenAI: Cash-Cow Transfusions；Outsourcing in the Hundred-Model War vs. Soft-Constraint Zombiefication；The Low-Level Equilibrium Trap