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Imperfect Commitment and the Revelation Principle: the Multi-Agent Case with Transferable Utility

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Author Info
Evans, R.
Reich, S.

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Abstract

Bester and Strausz (2000) showed that the revelation principle of Bester and Strausz (2001) does not apply in a setting of many agents and no commitment. In their counterexample only one agent has private information. We show that if the parties can make ex ante transfers the revelation principle does extend to this setting. However, we show that it does not extend to a setting in which more than one agent has private information.

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File URL: http://www.econ.cam.ac.uk/dae/repec/cam/pdf/cwpe0731.pdf
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Publisher Info
Paper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 0731.

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Length: 29
Date of creation: May 2007
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Handle: RePEc:cam:camdae:0731

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Related research
Keywords: Revelation Principle; Commitment; Asymmetric Information;

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Find related papers by JEL classification:
D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights

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