Before revision:  Both the theoretical analysis and the practical algorithms are presented.
After revision:  The penalty function introduced involves both the shape and the scale parameters, making it very flexible. The theoretical analysis results in terms of the null space property, the spherical section property and the restricted invertibility factor are established for both constrained and unconstrained models. The practical algorithms via both the iteratively reweighted \ell_1 and the difference of convex functions algorithms are presented.