On the use of menus in sequential common agency
We illustrate, by means of two examples, why assuming the principals offer simple menus (i.e. collections of payoff-relevant alternatives) as opposed to more general mechanisms may preclude a complete characterization of the set of equilibrium outcomes in certain sequential contracting environments. We then discuss how refinements of the solution concept, or enrichments of the menus that allow for recommendations, may restore the possibility of using menus to obtain a complete equilibrium characterization.
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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.:
- David Martimort & Lars Stole, 2001.
"The Revelation and Delegation Principles in Common Agency Games,"
CESifo Working Paper Series
575, CESifo Group Munich.
- David Martimort & Lars Stole, 2002. "The Revelation and Delegation Principles in Common Agency Games," Econometrica, Econometric Society, vol. 70(4), pages 1659-1673, July.
- Giacomo Calzolari & Alessandro Pavan, 2007.
"Sequential Contracting with Multiple Principals,"
1457, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Calzolari, Giacomo & Pavan, Alessandro, 2007. "Sequential Contracting with Multiple Principals," CEPR Discussion Papers 6562, C.E.P.R. Discussion Papers.
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- Michael Peters, 1999.
"Common Agency and the Revelation Principle,"
peters-99-01, University of Toronto, Department of Economics.
- Myerson, Roger B., 1982. "Optimal coordination mechanisms in generalized principal-agent problems," Journal of Mathematical Economics, Elsevier, vol. 10(1), pages 67-81, June.
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