The Revelation and Delegation Principles in Common Agency Games
AbstractIn the context of common agency adverse-selection games weillustrate that the revelation principle cannot be applied to studyequilibria of the multi-principal games. We then demonstrate thatan extension of the taxation principle – what we term the“delegation principle” – can be used to characterize the set of allcommon agency equilibria.
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Bibliographic InfoPaper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 575.
Date of creation: 2001
Date of revision:
revelation principle; delegation principle; taxationprinciple; common agency; adverse selection.;
Other versions of this item:
- David Martimort & Lars Stole, 2002. "The Revelation and Delegation Principles in Common Agency Games," Econometrica, Econometric Society, vol. 70(4), pages 1659-1673, July.
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