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Games Played Through Agents

Author

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  • Prat, A.

    (Tilburg University, School of Economics and Management)

  • Rustichini, A.

    (Tilburg University, School of Economics and Management)

Abstract

We introduce a game of complete information with multiple principals and multiple common agents. Each agent makes a decision that can affect the payoffs of all principals. Each principal offers monetary transfers to each agent conditional on the action taken by the agent. We characterize pure-strategy equilibria and we provide conditions-in terms of game balancedness-for the existence of an equilibrium with an efficient outcome. Games played through agents display a type of strategic inefficiency that is absent when either there is a unique principal or there is a unique agent. Copyright The Econometric Society 2003.
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Suggested Citation

  • Prat, A. & Rustichini, A., 1999. "Games Played Through Agents," Other publications TiSEM 3b5b6726-b55b-4959-80d5-c, Tilburg University, School of Economics and Management.
    • Handle: RePEc:tiu:tiutis:3b5b6726-b55b-4959-80d5-cb4afcf6899b
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    References listed on IDEAS

    as
    1. Prat, A. & Rustichini, A., 1998. "Sequential Common Agency," Other publications TiSEM 43e3a59a-aee6-4172-96b4-1, Tilburg University, School of Economics and Management.
    2. Simon, Leo K & Zame, William R, 1990. "Discontinuous Games and Endogenous Sharing Rules," Econometrica, Econometric Society, vol. 58(4), pages 861-872, July.
    3. Ilya Segal, 1999. "Contracting with Externalities," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 114(2), pages 337-388.
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