The Revelation and Delegation Principles in Common Agency Games
In the context of common agency adverse-selection games weillustrate that the revelation principle cannot be applied to studyequilibria of the multi-principal games. We then demonstrate thatan extension of the taxation principle – what we term the“delegation principle” – can be used to characterize the set of allcommon agency equilibria.
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Volume (Year): 70 (2002)
Issue (Month): 4 (July)
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- Myerson, Roger B, 1979.
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Econometric Society, vol. 47(1), pages 61-73, January.
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- Epstein, Larry G. & Peters, Michael, 1999.
"A Revelation Principle for Competing Mechanisms,"
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Elsevier, vol. 88(1), pages 119-160, September.
- McAfee, R Preston, 1993. "Mechanism Design by Competing Sellers," Econometrica, Econometric Society, vol. 61(6), pages 1281-1312, November.
- Green, Jerry R & Laffont, Jean-Jacques, 1986. "Partially Verifiable Information and Mechanism Design," Review of Economic Studies, Wiley Blackwell, vol. 53(3), pages 447-56, July.
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