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Stochastic and Deterministic Menus in Common Agency games: A corrected version

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Author Info
Gwenaël Piaser () (CREFI-LSF, University of Luxembourg)
Abstract

In 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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Paper provided by CREFI-LSF, University of Luxembourg in its series Working Papers of CREFI-LSF (Centre of Research in Finance - Luxembourg School of Finance) with number 08-03.

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Date of creation: 2008
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Handle: RePEc:crf:wpaper:08-03

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Related research
Keywords: Delegation Principle; Menus; Lotteries.;

Find related papers by JEL classification:
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information

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