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Renegotiation-Proof Implementation and Time Preferences

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  • Ariel Rubinstein
  • Asher Wolinsky

Abstract

This paper explores how the requirement that the implementation of contracts be renegotiation-proof affects the set of contracts that can be implemented in a seller-buyer scenario in which the information regarding the agents' valuations is nonverifiable. This paper explicitly adds a time dimension to an implementation problem and introduces a natural criterion of renegotiation-proofness for the case of time-consuming renegotiation. The main insight gained is that the addition of the time dimension enlarges significantly the set of contracts that can be implemented in a renegotiation-proof manner. Copyright 1992 by American Economic Association.

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Bibliographic Info

Paper provided by Suntory and Toyota International Centres for Economics and Related Disciplines, LSE in its series STICERD - Theoretical Economics Paper Series with number /1990/215.

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Date of creation: 1990
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Handle: RePEc:cep:stitep:/1990/215

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Web page: http://sticerd.lse.ac.uk/_new/publications/default.asp

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