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Implementing Coordinated Team Play

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Author Info

  • Arya, Anil
  • Glover, Jonathan
  • Hughes, John S.

Abstract

This note studies a moral hazard model of joint production in which there are strong gains to coordination. The mechanism we propose for resolving the tacit collusion problem that arises in our setting is simple. A key aspect of the mechanism is the use of at- will contracts which provide the agents with the option to quit at any time.

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File URL: http://www.sciencedirect.com/science/article/B6WJ3-45S9389-2R/2/838d9979d4efe7f0160efad3da8e979a
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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 74 (1997)
Issue (Month): 1 (May)
Pages: 218-232

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Handle: RePEc:eee:jetheo:v:74:y:1997:i:1:p:218-232

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Web page: http://www.elsevier.com/locate/inca/622869

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References

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  1. Matthew O. Jackson, 1990. "Undominated Nash Implementation in Bounded Mechanisms," Discussion Papers 966, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  2. Demski, Joel S. & Sappington, David, 1984. "Optimal incentive contracts with multiple agents," Journal of Economic Theory, Elsevier, vol. 33(1), pages 152-171, June.
  3. Sjostrom Tomas, 1994. "Implementation in Undominated Nash Equilibria without Integer Games," Games and Economic Behavior, Elsevier, vol. 6(3), pages 502-511, May.
  4. Jackson, Matthew O, 1992. "Implementation in Undominated.Strategies: A Look at Bounded Mechanisms," Review of Economic Studies, Wiley Blackwell, vol. 59(4), pages 757-75, October.
  5. Mookherjee, Dilip, 1984. "Optimal Incentive Schemes with Many Agents," Review of Economic Studies, Wiley Blackwell, vol. 51(3), pages 433-46, July.
  6. Abreu Dilip & Matsushima Hitoshi, 1994. "Exact Implementation," Journal of Economic Theory, Elsevier, vol. 64(1), pages 1-19, October.
  7. Ma, Ching-To, 1988. "Unique Implementation of Incentive Contracts with Many Agents," Review of Economic Studies, Wiley Blackwell, vol. 55(4), pages 555-72, October.
  8. Abreu, Dilip & Matsushima, Hitoshi, 1992. "A Response [Virtual Implementation in Iteratively Undominated Strategies I: Complete Information]," Econometrica, Econometric Society, vol. 60(6), pages 1439-42, November.
  9. Arya Anil & Glover Jonathan, 1995. "A Simple Forecasting Mechanism for Moral Hazard Settings," Journal of Economic Theory, Elsevier, vol. 66(2), pages 507-521, August.
  10. Abreu, Dilip & Matsushima, Hitoshi, 1992. "Virtual Implementation in Iteratively Undominated Strategies: Complete Information," Econometrica, Econometric Society, vol. 60(5), pages 993-1008, September.
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Citations

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Cited by:
  1. Pablo AmorĂ³s, 2003. "Nash Implementation and Uncertain Renegotiation," Economic Working Papers at Centro de Estudios Andaluces E2003/27, Centro de Estudios Andaluces.
  2. Matthew O. Jackson, 2001. "A crash course in implementation theory," Social Choice and Welfare, Springer, vol. 18(4), pages 655-708.
  3. Bond, Philip & Pande, Rohini, 2007. "Coordinating development: Can income-based incentive schemes eliminate Pareto inferior equilibria?," Journal of Development Economics, Elsevier, vol. 83(2), pages 368-391, July.
  4. Jackson, Matthew O. & Palfrey, Thomas R., 2001. "Voluntary Implementation," Journal of Economic Theory, Elsevier, vol. 98(1), pages 1-25, May.
  5. Dennis Courtney & Thomas Marschak, 2009. "Inefficiency and complementarity in sharing games," Review of Economic Design, Springer, vol. 13(1), pages 7-43, April.
  6. Pierre Fleckinger, 2007. "On Multiagent Moral Hazard under Technological Uncertainty," Working Papers hal-00240716, HAL.

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