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Markov Perfect Equilibrium in Multi-period Games between Sponsor and Bureau

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  • Carlsen, Fredrik
  • Haugen, Kjetil

Abstract

The authors formulate a simple model of the interaction between a sponsor and a bureau. The sponsor sets the bureau's budget while the bureau decides on how much to spend on slack. The authors compute numerically Markov perfect equilibria of multiperiod games where the agents move alternately and apply Markov strategies. Both agents are worse-off compared to the one-period game with simultaneous moves. As the discount factors increase, the equilibrium outcome becomes less cooperative in nature. Copyright 1994 by Kluwer Academic Publishers

Suggested Citation

  • Carlsen, Fredrik & Haugen, Kjetil, 1994. "Markov Perfect Equilibrium in Multi-period Games between Sponsor and Bureau," Public Choice, Springer, vol. 79(3-4), pages 257-280, June.
    • Handle: RePEc:kap:pubcho:v:79:y:1994:i:3-4:p:257-80
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    Cited by:

    1. Victor V. Claar, 1998. "An Incentive-Compatibility Approach To the Problem of Monitoring a Bureau," Public Finance Review, , vol. 26(6), pages 599-610, November.
    2. Kai A. Konrad & Sebastian G. Kessing, 2008. "Time Consistency and Bureaucratic Budget Competition," Economic Journal, Royal Economic Society, vol. 118(525), pages 1-15, January.
    3. Silvia Fedeli & Michele Santoni, 2001. "Endogenous institutions in bureaucratic compliance games," Economics of Governance, Springer, vol. 2(3), pages 203-229, November.

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