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Incentive compatible contractible information

In: Differential Information Economies

Author

Listed:
  • Philip Bond

    (Northwestern University)

Abstract

Summary The paper seeks to characterize what information is always available for contracting, independent of the form of the contract and the probabilities of different states of nature. The paper denotes such information as contractible. It is established that it is possible to speak uniquely of maximal contractible information. Several characterizations are exhibited. In particular, it is shown that if either (a) punishments are bounded everywhere, or (b) deviations from truth-telling are either always or never detected, then maximum contractible information coincides with ∧i ∨j≠i ɛj where ɛj is the information partition of agent j. An argument is given for why (b) may be expected to hold.

Suggested Citation

  • Philip Bond, 2005. "Incentive compatible contractible information," Studies in Economic Theory, in: Dionysius Glycopantis & Nicholas C. Yannelis (ed.), Differential Information Economies, pages 377-396, Springer.
    • Handle: RePEc:spr:steccp:978-3-540-26979-3_20
    DOI: 10.1007/3-540-26979-7_20
    as

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