Contents Forwords:Would there be a Chinese school of economics?/(Sheng H,mg)(1) Theory of ambiguous property rights in transitional economy/(Li Daokui)(36) Transaction costs and game―theoretical equilibria/(Wang Dingding)(54) Why could people choose the institutional arrangements not to benefit themselves/(Sheng Hong)(81) A review on big--bang reform strategy/(Zu0 Dapei)(94) Decision--making right,residual claim and performence/(Zhang Weiying)(108) A principal--agent theory of public ownership economy/(Zhang Weiying)(130) Property--right structure of township enterprises and its impact on efficiency of resource allocation/(Chen Jianbo)(151) Theory of gradual opening--up/(Ge Wei)(168) On China’s reform in regulation of real foreign exchange rate/(Jin Zhong xia)(189) Appendix Criticism to “Soviet Pattern”/(Fan Gang)(206) State capabilities versus institutional change and social transition/(Zhang Shuguang)(229)