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Three principles of competitive nonlinear pricing

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  • Page, Frank Jr.
  • Monteiro, Paulo K.

Abstract

We make three contributions to the theory of contracting under asymmetric information. First, we establish a competitive revelation principle for contracting games in which several principals compete for one privately informed agent. In particular, we show that given any profile of incentive compatible indirect contracting mechanisms, there exists an incentive compatible direct contracting mechanism which in all circumstances generates the same contract selection as the profile of indirect mechanisms. Second, we establish a competitive taxation principle.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 39 (2003)
Issue (Month): 1-2 (February)
Pages: 63-109

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Handle: RePEc:eee:mateco:v:39:y:2003:i:1-2:p:63-109

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References

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  1. Rochet, J. C., 1985. "The taxation principle and multi-time Hamilton-Jacobi equations," Journal of Mathematical Economics, Elsevier, vol. 14(2), pages 113-128, April.
  2. Page, Frank H, Jr, 1992. "Mechanism Design for General Screening Problems with Moral Hazard," Economic Theory, Springer, vol. 2(2), pages 265-81, April.
  3. Hammond, Peter J, 1979. "Straightforward Individual Incentive Compatibility in Large Economies," Review of Economic Studies, Wiley Blackwell, vol. 46(2), pages 263-82, April.
  4. Myerson, Roger B., 1982. "Optimal coordination mechanisms in generalized principal-agent problems," Journal of Mathematical Economics, Elsevier, vol. 10(1), pages 67-81, June.
  5. Philip J. Reny, 1999. "On the Existence of Pure and Mixed Strategy Nash Equilibria in Discontinuous Games," Econometrica, Econometric Society, vol. 67(5), pages 1029-1056, September.
  6. Carlier, Guillaume, 2001. "A general existence result for the principal-agent problem with adverse selection," Journal of Mathematical Economics, Elsevier, vol. 35(1), pages 129-150, February.
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Citations

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Cited by:
  1. Ulrich Horst & Santiago Moreno-Bromberg, 2010. "Efficiency and Equilibria in Games of Optimal Derivative Design," SFB 649 Discussion Papers SFB649DP2010-035, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  2. repec:hal:journl:halshs-00197491 is not listed on IDEAS
  3. Monteiro, Paulo Klinger & Page Jr, Frank H., 2007. "Uniform payoff security and Nash equilibrium in compact games," Journal of Economic Theory, Elsevier, vol. 134(1), pages 566-575, May.
  4. repec:hal:journl:halshs-00195526 is not listed on IDEAS
  5. Carmona, Guilherme & Fajardo, Jose, 2006. "Existence of Equilibrium in Common Agency Games with Adverse Selection," FEUNL Working Paper Series wp490, Universidade Nova de Lisboa, Faculdade de Economia.
  6. Monteiro, Paulo K. & Page Jr., Frank H., 2009. "Endogenous mechanisms and Nash equilibrium in competitive contracting games," Journal of Mathematical Economics, Elsevier, vol. 45(9-10), pages 664-678, September.
  7. Pavlo Prokopovych & Nicholas C.Yannelis, 2013. "On the Existence of Mixed Strategy Nash equilibria," Discussion Papers 50, Kyiv School of Economics.
  8. Page Jr., Frank H., 2008. "Catalog competition and stable nonlinear prices," Journal of Mathematical Economics, Elsevier, vol. 44(7-8), pages 822-835, July.
  9. Frank H. Page, Jr. & Paulo K. Monteiro, 2007. "Endogenous Mechanisms and Nash Equilibrium in Competitive Contracting," Caepr Working Papers 2007-025, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington.
  10. Yu Chen, 2013. "Decentralizability of Multi-Agency Contracting with Bayesian Implementation," Caepr Working Papers 2013-003, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington.
  11. Paulo Klinger Monteiro & Frank H. Page Jr, 2005. "Uniform payoff security and Nash equilibrium in metric games," Cahiers de la Maison des Sciences Economiques b05086, Université Panthéon-Sorbonne (Paris 1).
  12. Massimo Morelli & Huanxing Yang & Lixin Ye, 2010. "Competitive Nonlinear Taxation and Constitutional Choice," Economics Working Papers ECO2010/14, European University Institute.
  13. Schmitz, Patrick W., 2003. "On second-price auctions and imperfect competition," Journal of Mathematical Economics, Elsevier, vol. 39(8), pages 901-909, November.
  14. Florence LACHET-TOUYA, 2013. "Tax Interactions with Asymmetric Information and Nonlinear Instruments," Working Papers 2012-2013_9, CATT - UPPA - Université de Pau et des Pays de l'Adour, revised Jul 2013.
  15. Florence Lachet-Touya, 2012. "Les interactions fiscales verticales à la lumière de la théorie des multiprincipaux," Recherches économiques de Louvain, De Boeck Université, vol. 78(1), pages 27-46.
  16. Martimort, David & Stole, Lars, 2012. "Representing equilibrium aggregates in aggregate games with applications to common agency," Games and Economic Behavior, Elsevier, vol. 76(2), pages 753-772.
  17. Nuno Gouveia, 2004. "General equilibrium with asymmetric information and default penalties," Cahiers de la Maison des Sciences Economiques b05051, Université Panthéon-Sorbonne (Paris 1), revised Jan 2005.
  18. Oriol Carbonell-Nicolau, 2011. "The Existence of Perfect Equilibrium in Discontinuous Games," Games, MDPI, Open Access Journal, vol. 2(3), pages 235-256, July.

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