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Menu Theorems for Bilateral Contracting

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Author Info
Han, Seungjin

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Abstract

This paper studies the bilateral contracting environment where multiple principals negotiate contracts with multiple agents independently. It is shown that equilibrium allocations associated with (pure strategy) perfect Bayesian equilibria relative to any ad hoc set of negotiation schemes can be supported by pure strategy perfect Bayesian equilibria relative to the set of menus. It is also shown that equilibrium allocations associated with all perfect Bayesian equilibria relative to any ad hoc set of negotiation schemes can be supported by correlated equilibria relative to the set of menus, where the set of states is simply the set of feasible probability distributions over payoff-relevant variables. Moreover, equilibrium allocations associated with all equilibria relative to the set of menus persist even if principals use more complex negotiation schemes.

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Publisher Info
Paper provided by Microeconomics.ca Website in its series Micro Theory Working Papers with number han-04-01-29-10-05-13.

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Date of creation: 29 Jan 2004
Date of revision: 29 Jan 2004
Handle: RePEc:ubc:pmicro:han-04-01-29-10-05-13

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Related research
Keywords: Mechanism Design; Bilateral Contracting; Mutliple Principals; Multiple Agents;

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Find related papers by JEL classification:
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
C79 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Other

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References listed on IDEAS
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. Ilya Segal, 1999. "Contracting With Externalities," The Quarterly Journal of Economics, MIT Press, vol. 114(2), pages 337-388, May. [Downloadable!] (restricted)
  2. McAfee, R Preston, 1993. "Mechanism Design by Competing Sellers," Econometrica, Econometric Society, vol. 61(6), pages 1281-1312, November. [Downloadable!] (restricted)
  3. Klemperer, Paul D & Meyer, Margaret A, 1989. "Supply Function Equilibria in Oligopoly under Uncertainty," Econometrica, Econometric Society, vol. 57(6), pages 1243-77, November. [Downloadable!] (restricted)
  4. Paul Klemperer, 2002. "What Really Matters in Auction Design," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 169-189, Winter. [Downloadable!] (restricted)
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  5. Bernheim, B Douglas & Whinston, Michael D, 1986. "Menu Auctions, Resource Allocation, and Economic Influence," The Quarterly Journal of Economics, MIT Press, vol. 101(1), pages 1-31, February. [Downloadable!] (restricted)
  6. Peters, Michael, 2001. "Common Agency and the Revelation Principle," Econometrica, Econometric Society, vol. 69(5), pages 1349-72, September.
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  7. David Martimort & Lars Stole, 2002. "The Revelation and Delegation Principles in Common Agency Games," Econometrica, Econometric Society, vol. 70(4), pages 1659-1673, July. [Downloadable!] (restricted)
  8. Ilya Segal & Michael D. Whinston, 2003. "Robust Predictions for Bilateral Contracting with Externalities," Econometrica, Econometric Society, vol. 71(3), pages 757-791, 05. [Downloadable!] (restricted)
  9. 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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  10. 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.
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(explanations, 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. Han, Seungjin, 2006. "Strongly Robust Equilibrium and Competing-Mechanism Games," Micro Theory Working Papers han-06-01-19-06-37-40, Microeconomics.ca Website, revised 23 Feb 2007. [Downloadable!]
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