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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.

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/research/repec/cam/pdf/cwpe0731.pdf
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Bibliographic 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
Date of revision:
Handle: RePEc:cam:camdae:0731

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Web page: http://www.econ.cam.ac.uk/index.htm

Related research

Keywords: Revelation Principle; Commitment; Asymmetric Information;

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  1. Mathias Dewatripont, 1989. "Renegotiation and information revelation over time: the case of optimal labor contacts," ULB Institutional Repository 2013/9573, ULB -- Universite Libre de Bruxelles.
  2. V. Crawford & J. Sobel, 2010. "Strategic Information Transmission," Levine's Working Paper Archive 544, David K. Levine.
  3. Bester, Helmut & Strausz, Roland, 2000. "Imperfect commitment and the revelation principle: the multi-agent case," Economics Letters, Elsevier, vol. 69(2), pages 165-171, November.
  4. Bester, Helmut & Strausz, Roland, 2001. "Contracting with Imperfect Commitment and the Revelation Principle: The Single Agent Case," Econometrica, Econometric Society, vol. 69(4), pages 1077-98, July.
  5. Laffont, Jean-Jacques & Tirole, Jean, 1988. "The Dynamics of Incentive Contracts," Econometrica, Econometric Society, vol. 56(5), pages 1153-75, September.
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Cited by:
  1. Vasiliki Skreta, 2013. "Optimal Auction Design Under Non-Commitment," Working Papers 13-08, New York University, Leonard N. Stern School of Business, Department of Economics.
  2. Juan I. Beccuti, 2014. "Optimal Selling Mechanisms under Imperfect Commitment," Diskussionsschriften dp1401, Universitaet Bern, Departement Volkswirtschaft.

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