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Endogenous Games and Mechanisms: Side Payments Among Players

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  • Wilkie, Simon
  • Jackson, Matthew O.

Abstract

We characterize the outcomes of games when players may make binding offers of strategy contingent side payments before the game is played. This does not always lead to efficient outcomes, despite complete information and costless contracting. The characterizations are illustrated in a series of examples, including voluntary contribution public good games, Cournot and Bertrand oligopoly, principal-agent problems, and commons games, among others.

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Bibliographic Info

Paper provided by California Institute of Technology, Division of the Humanities and Social Sciences in its series Working Papers with number 1150.

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Date of creation: Nov 2002
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Publication status: Published: published in Review of Economic Studies, 2005, V. 72, pp. 543-566.
Handle: RePEc:clt:sswopa:1150

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Postal: Working Paper Assistant, Division of the Humanities and Social Sciences, 228-77, Caltech, Pasadena CA 91125
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  1. Fershtman, C. & Nitzan, S., 1988. "Dynamic Voluntary Provision Of Public Goods," Papers 21-88, Tel Aviv.
  2. Buchhilz, W. & Konrad, K.A. & Lommerund, K.E., 1997. "Stackelberg Leadership and Transfers in Private Provision of Public Goods," Norway; Department of Economics, University of Bergen 170, Department of Economics, University of Bergen.
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  4. Fershtman, Chaim & Judd, Kenneth L & Kalai, Ehud, 1991. "Observable Contracts: Strategic Delegation and Cooperation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(3), pages 551-59, August.
  5. Lagunoff, Roger, 1992. "Fully Endogenous Mechanism Selection on Finite Outcome Sets," Economic Theory, Springer, vol. 2(4), pages 465-80, October.
  6. Leslie M. Marx & Steven A. Matthews, . ""Dynamic Voluntary Contribution to a Public Project''," CARESS Working Papres 99-01, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
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  14. Aghion, Philippe & Bolton, Patrick, 1987. "Contracts as a Barrier to Entry," American Economic Review, American Economic Association, vol. 77(3), pages 388-401, June.
  15. Prat, A. & Rustichini, A., 1999. "Games Played Through Agents," Discussion Paper 1999-68, Tilburg University, Center for Economic Research.
  16. Hal R. Varian, 1994. "Sequential Provision of Public Goods," Public Economics 9401003, EconWPA.
  17. Ehud Kalai & Dov Samet, 1983. "Unanimity Games and Pareto Optimality," Discussion Papers 546, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  18. Bensaid, B. & Gary-Bobo, R., 1991. "An Exact Formula for the Lion's Share : a Model of Pre-Play Negotiation," CORE Discussion Papers 1991059, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  19. Guttman, Joel M, 1987. "A Non-Cournot Model of Voluntary Collective Action," Economica, London School of Economics and Political Science, vol. 54(213), pages 1-19, February.
  20. Ray, Debraj & Vohra, Rajiv, 1997. "Equilibrium Binding Agreements," Journal of Economic Theory, Elsevier, vol. 73(1), pages 30-78, March.
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