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Common Agency and the Revelation Principle

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Michael Peters

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Abstract

In the common agency problem multiple mechanism designer simultaneously attempt to control the behavior of a single privately informed agent. The paper shows that the allocations associated with equilibria relative to any ad hoc set of fessible mechanisms can be reproduce as equilibria relative to (some subset of) the set of menus. Furthermore, equilibria relative to the set of menus are weakly robust in the sense that it is possible to find continuation equilibria so that the equilibrium allocations persist even when the set of feasible mechanisms is enlarged.

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File URL: http://repec.economics.utoronto.ca/files/UT-ECIPA-PETERS-99-01.pdf
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Paper provided by University of Toronto, Department of Economics in its series Working Papers with number peters-99-01.

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Length: 27 pages
Date of creation: 19 Jan 1999
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Handle: RePEc:tor:tecipa:peters-99-01

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. McAfee, R Preston, 1993. "Mechanism Design by Competing Sellers," Econometrica, Econometric Society, vol. 61(6), pages 1281-1312, November. [Downloadable!] (restricted)
  2. Bruno Biais & David Martimort & Jean-Charles Rochet, 2000. "Competing Mechanisms in a Common Value Environment," Econometrica, Econometric Society, vol. 68(4), pages 799-838, July.
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  3. Green, Jerry & Laffont, Jean-Jacques, 1977. "Characterization of Satisfactory Mechanisms for the Revelation of Preferences for Public Goods," Econometrica, Econometric Society, vol. 45(2), pages 427-38, March. [Downloadable!] (restricted)
  4. Myerson, Roger B, 1979. "Incentive Compatibility and the Bargaining Problem," Econometrica, Econometric Society, vol. 47(1), pages 61-73, January. [Downloadable!] (restricted)
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  5. Larry Epstein & Michael Peters, 1996. "A Revelation Principle For Competing Mechanisms," Working Papers peters-96-02, University of Toronto, Department of Economics. [Downloadable!]
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  6. Dixit, Avinash & Grossman, Gene M & Helpman, Elhanan, 1997. "Common Agency and Coordination: General Theory and Application to Government Policy Making," Journal of Political Economy, University of Chicago Press, vol. 105(4), pages 752-69, August.
  7. Michael L. Katz., 1991. "Game-Playing Agents: Unobservable Contracts as Precommitments," Economics Working Papers 91-172, University of California at Berkeley.
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