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Direct Mechanisms, Menus and Latent Contracts

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  • Gwenaël Piaser

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    (Luxembourg School of Finance, University of Luxembourg)

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    Abstract

    In common agency games, one cannot characterize all equilibria by considering only direct mechanisms. In an attempt to overcome this difficulty, Peters [Econometrica, 2001] and Martimort and Stole [Econometrica, 2002] identified a class of indirect mechanisms (namely, menus) which are able to characterize every equilibrium. Unfortunately, menus are difficult to handle, and several methodologies have been proposed in the literature. Here, it is shown that, even if authors consider menus rather than simpler mechanisms, many equilibria described in the literature could have been characterized by direct incentive compatible mechanisms. Use of more sophisticated mechanisms was not necessary in these cases.

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    Bibliographic Info

    Paper provided by Luxembourg School of Finance, University of Luxembourg in its series LSF Research Working Paper Series with number 07-09.

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    Date of creation: 2007
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    Handle: RePEc:crf:wpaper:07-09

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    Keywords: Common Agency; Revelation Principle; Delegation Principle; Direct Mechanisms; Menus; Latent Contracts.;

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    Cited by:
    1. Andrea Attar & Thomas Mariotti & François Salanié, 2010. "Non-Exclusive Competition in the Market for Lemons," CEIS Research Paper 159, Tor Vergata University, CEIS, revised 28 May 2010.

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