On the implementability of contracts without quasilinear utility
AbstractImplementability conditions in Rochet (1987) are extended to utility functions not necessarily quasilinear in the transfer, or linear in the type, for the case where agents’ information is one-dimensional but actions become multidimensional. The results obtained are relevant for the characterization of optimal mechanisms in adverse selection and moral hazard problems.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 116 (2012)
Issue (Month): 1 ()
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Incentive compatibility; Monotonicity constraints; Optimal mechanisms;
Find related papers by JEL classification:
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
- H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
- H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
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- X. Ruiz del Portal, 2012. "Conditions for incentive compatibility in models with multidimensional allocation functions and one-dimensional types," Review of Economic Design, Springer, vol. 16(4), pages 311-321, December.
- Kos, Nenad & Messner, Matthias, 2013. "Incentive compatibility in non-quasilinear environments," Economics Letters, Elsevier, vol. 121(1), pages 12-14.
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