On multiple-principal multiple-agent models of moral hazard
AbstractIn this note we show that the equilibrium characterized by Biais, Martimort and Rochet (Econometrica, 2000) could have been characterized by direct mechanisms even if the Revelation Principle does not apply in their setting. The use of more sophisticated mechanisms, such as menus, was not necessary.
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Bibliographic InfoPaper provided by Luxembourg School of Finance, University of Luxembourg in its series LSF Research Working Paper Series with number 07-10.
Date of creation: 2007
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Common Agency; Revelation Principle; Direct Mechanisms.;
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- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
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