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Existence of Equilibrium in Common Agency Games with Adverse Selection

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Author Info

  • Guilherme Carmona

    (Universidade Nova de Lisboa)

  • José Fajardo

    (IBMEC Business School - Rio de Janeiro)

Abstract

We establish the existence of sequential equilibria in general menu games, known to be sufficient to analyze common agency problems. In particular, we show that our result solves some unpleasant features of early approaches.

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File URL: http://professores.ibmecrj.br/erg/dp/papers/dp200605.pdf
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Bibliographic Info

Paper provided by Economics Research Group, IBMEC Business School - Rio de Janeiro in its series IBMEC RJ Economics Discussion Papers with number 2006-05.

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Date of creation: 24 Oct 2006
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Handle: RePEc:ibr:dpaper:2006-05

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Web page: http://professores.ibmecrj.br/erg/
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Keywords: Common Agency; Menu Games; Sequential Equilibrium;

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References

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  1. Martimort, David & Semenov, Aggey, 2008. "Ideological uncertainty and lobbying competition," Journal of Public Economics, Elsevier, vol. 92(3-4), pages 456-481, April.
  2. Frank Page & Paulo Monteiro, 2001. "Three Principles of Competitive Nonlinear Pricing," Economics Bulletin, AccessEcon, vol. 28(11), pages A0.
  3. Leo K. Simon and William R. Zame., 1987. "Discontinuous Games and Endogenous Sharing Rules," Economics Working Papers 8756, University of California at Berkeley.
  4. Peters, Michael, 2001. "Common Agency and the Revelation Principle," Econometrica, Econometric Society, vol. 69(5), pages 1349-72, September.
  5. Martimort, David & Stole, Lars, 1999. "Contractual Externalities and Common Agency Equilibria," IDEI Working Papers 110, Institut d'Économie Industrielle (IDEI), Toulouse, revised 2003.
  6. David Martimort & Lars Stole, 2001. "The Revelation and Delegation Principles in Common Agency Games," CESifo Working Paper Series 575, CESifo Group Munich.
  7. David Kreps & Robert Wilson, 1998. "Sequential Equilibria," Levine's Working Paper Archive 237, David K. Levine.
  8. Paulo Monteiro & Frank Page, 2008. "Catalog competition and Nash equilibrium in nonlinear pricing games," Economic Theory, Springer, vol. 34(3), pages 503-524, March.
  9. Maskin, Eric & Tirole, Jean, 1990. "The Principal-Agent Relationship with an Informed Principal: The Case of Private Values," Econometrica, Econometric Society, vol. 58(2), pages 379-409, March.
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Citations

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Cited by:
  1. Ulrich Horst & Santiago Moreno-Bromberg, 2011. "Efficiency and Equilibria in Games of Optimal Derivative Design," Papers 1107.0839, arXiv.org.
  2. Gwenaël Piaser, 2014. "Common Agency Games with Common Value Exclusion, Convexity and Existence," Working Papers 2014-420, Department of Research, Ipag Business School.
  3. Frank H. Page, Jr. & Paulo K. Monteiro, 2007. "Endogenous Mechanisms and Nash Equilibrium in Competitive Contracting," Caepr Working Papers 2007-025, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington.
  4. Martimort, David & Stole, Lars, 2012. "Representing equilibrium aggregates in aggregate games with applications to common agency," Games and Economic Behavior, Elsevier, vol. 76(2), pages 753-772.
  5. Monteiro, Paulo K. & Page Jr., Frank H., 2009. "Endogenous mechanisms and Nash equilibrium in competitive contracting games," Journal of Mathematical Economics, Elsevier, vol. 45(9-10), pages 664-678, September.

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