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The principal-agent matching market

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  • DAM, Kaniska
  • PEREZ-CASTRILLO, David

Abstract

We propose a model based on competitive markets in order to analyse an economy with several principals and agents. We model the principal-agent economy as a two-sided matching game and characterise the set of stable outcomes of this principal-agent matching market. A simple mechanism to implement the set of stable outcomes is proposed. Finally, we put forward examples of principal-agent economies where the results fit.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers RP with number -1903.

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Handle: RePEc:cor:louvrp:-1903

Note: In : Frontiers of Theoretical Economics, 2(1), 1-32, 2006
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  1. Dilip Mookherjee & Debraj Ray, 2002. "Contractual Structure and Wealth Accumulation," American Economic Review, American Economic Association, American Economic Association, vol. 92(4), pages 818-849, September.
  2. Sengupta, Kunal, 1997. "Limited liability, moral hazard and share tenancy," Journal of Development Economics, Elsevier, Elsevier, vol. 52(2), pages 393-407, April.
  3. Perez-Castrillo, David & Sotomayor, Marilda, 2002. "A Simple Selling and Buying Procedure," Journal of Economic Theory, Elsevier, Elsevier, vol. 103(2), pages 461-474, April.
  4. Serfes, Konstantinos, 2005. "Risk sharing vs. incentives: Contract design under two-sided heterogeneity," Economics Letters, Elsevier, Elsevier, vol. 88(3), pages 343-349, September.
  5. Daniel A. Ackerberg & Maristella Botticini, 2002. "Endogenous Matching and the Empirical Determinants of Contract Form," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 110(3), pages 564-591, June.
  6. Tayfun Sönmez & Tarik Kara, 1997. "Implementation of college admission rules (*)," Economic Theory, Springer, Springer, vol. 9(2), pages 197-218.
  7. José Alcalde Pérez & Antonio Romero-Medina, 1996. "Simple mechanisms to implement the core of college admissions problems," Working Papers. Serie AD, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) 1996-13, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  8. Perotti, Roberto, 1996. "Redistribution and Non-consumption Smoothing in an Open Economy," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 63(3), pages 411-33, July.
  9. de Mesa, David & Webb, David C., 1992. "Efficient credit rationing," European Economic Review, Elsevier, Elsevier, vol. 36(6), pages 1277-1290, August.
  10. V. Bhaskar, 2002. "Relative Performance Evaluation and Limited Liability," Economics Discussion Papers, University of Essex, Department of Economics 550, University of Essex, Department of Economics.
  11. Ghatak, Maitreesh & Pandey, Priyanka, 2000. "Contract choice in agriculture with joint moral hazard in effort and risk," Journal of Development Economics, Elsevier, Elsevier, vol. 63(2), pages 303-326, December.
  12. Fátima Barros & Inés Macho-Stadler, 1998. "Competition for Managers and Product Market Efficiency," Journal of Economics & Management Strategy, Wiley Blackwell, Wiley Blackwell, vol. 7(1), pages 89-103, 03.
  13. Legros, Patrick & Newman, Andrew, 2002. "Assortative Matching in a Non-transferable World," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3469, C.E.P.R. Discussion Papers.
  14. Basu, Kaushik, 1992. "Limited liability and the existence of share tenancy," Journal of Development Economics, Elsevier, Elsevier, vol. 38(1), pages 203-220, January.
  15. Kamecke, U, 1989. "Non-cooperative Matching Games," International Journal of Game Theory, Springer, Springer, vol. 18(4), pages 423-31.
  16. Besanko, David & Thakor, Anjan V, 1987. "Collateral and Rationing: Sorting Equilibria in Monopolistic and Competitive Credit Markets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 28(3), pages 671-89, October.
  17. José Alcalde Pérez & Antonio Romero-Medina & David Pérez-Castrillo, 1997. "Hiring procedures to implement stable allocations," Working Papers. Serie AD, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) 1997-10, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  18. Bester,Helmut Hellwig,Martin, 1987. "Moral hazard and equilibrium credit rationing: An overview of the issues," Discussion Paper Serie A 125, University of Bonn, Germany.
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Cited by:
  1. Kosfeld, Michael & von Siemens, Ferdinand, 2007. "Competition, Cooperation, and Corporate Culture," IZA Discussion Papers 2927, Institute for the Study of Labor (IZA).
  2. Seungjin Han, 2014. "Ex-Post Equilibrium in Frictional Markets," Department of Economics Working Papers 2014-05, McMaster University, revised Aug 2014.
  3. Ghatak, Maitreesh & Karaivanov, Alexander, 2013. "Contractual Structure in Agriculture with Endogenous Matching," CAGE Online Working Paper Series, Competitive Advantage in the Global Economy (CAGE) 120, Competitive Advantage in the Global Economy (CAGE).
  4. Timothy Besley & Maitreesh Ghatak, 2005. "Competition and Incentives with Motivated Agents," American Economic Review, American Economic Association, American Economic Association, vol. 95(3), pages 616-636, June.
  5. Kaniska Dam & David Pérez-Castrillo, 2003. "Equilibrium Limited Liability Contracts in a Landlord-Tenant Market," Working Papers 99, Barcelona Graduate School of Economics.
  6. Serfes, Konstantinos, 2013. "A Price Theory of Vertical and Lateral Integration under Two-Sided Productivity Heterogeneity," School of Economics Working Paper Series, LeBow College of Business, Drexel University 2013-6, LeBow College of Business, Drexel University, revised 06 Mar 2014.
  7. Maitreesh Ghatak & Alexander Karaivanov, 2011. "Contractual Structure and Endogenous Matching in Partnershipso," STICERD - Economic Organisation and Public Policy Discussion Papers Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE 024, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
  8. Ulf von Lilienfeld-Toal & Dilip Mookherjee, 2010. "The Political Economy of Debt Bondage," American Economic Journal: Microeconomics, American Economic Association, American Economic Association, vol. 2(3), pages 44-84, August.
  9. Hong, Suting, 2013. "Competition, syndication, and entry in the venture capital market," Working Papers 13-49, Federal Reserve Bank of Philadelphia.
  10. Li, Fei & Ueda, Masako, 2009. "Why do reputable agents work for safer firms?," Finance Research Letters, Elsevier, Elsevier, vol. 6(1), pages 2-12, March.
  11. Seungjin Han, 2014. "Robust Competitive Auctions: A Theory of Stable Markets," Department of Economics Working Papers 2014-04, McMaster University, revised Apr 2014.

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