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Direct Mechanisms, Menus and Latent Contracts

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  • Piaser, Gwenaël

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 University Library of Munich, Germany in its series MPRA Paper with number 7049.

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Date of creation: 30 Jul 2007
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Handle: RePEc:pra:mprapa:7049

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

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Cited by:
  1. Alessandro Pavan & Giacomo Calzolari, 2008. "Truthful Revelation Mechanisms for Simultaneous Common Agency Games," Carlo Alberto Notebooks 85, Collegio Carlo Alberto.
  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. Andrea Attar & Thomas Mariotti & François Salanié, 2011. "Nonexclusive Competition in the Market for Lemons," Econometrica, Econometric Society, Econometric Society, vol. 79(6), pages 1869-1918, November.

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