Implementation of multi-agent incentive contracts with the principal's renegotiation offer
AbstractThe purpose of this paper is to explore a mechanism for supporting desired equilibrium actions in a one-principal, multi-agent model when the principal makes a renegotiation offer. We show that there exists a mechanism in which the principal's most preferred mixed strategy is always supported.
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Bibliographic InfoArticle provided by Springer in its journal Review of Economic Design.
Volume (Year): 4 (1999)
Issue (Month): 2 ()
Note: Received: 30 May 1997 / Accepted: 10 October 1998
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- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
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- Osano, Hiroshi & Kobayashi, Mami, 2005.
"Double moral hazard and renegotiation,"
Research in Economics,
Elsevier, vol. 59(4), pages 345-364, December.
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