Stochastic and Deterministic Menus in Common Agency games: A corrected version
AbstractIn this note we argue that in Common Agency games, the restriction to deterministic menus is crutial.We give an simple example (complete information, no moral hazard) in which an equilibrium is not robust to the introduction of stochastic menus.
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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 08-03.
Date of creation: 2008
Date of revision:
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Delegation Principle; Menus; Lotteries.;
Find related papers by JEL classification:
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-07-30 (All new papers)
- NEP-CTA-2008-07-30 (Contract Theory & Applications)
- NEP-GTH-2008-07-30 (Game Theory)
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