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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- Calzolari, Giacomo & Pavan, Alessandro, 2007.
"Sequential Contracting with Multiple Principals,"
CEPR Discussion Papers
6562, C.E.P.R. Discussion Papers.
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"Common Agency and the Revelation Principle,"
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- David Martimort & Lars Stole, 2002. "The Revelation and Delegation Principles in Common Agency Games," Econometrica, Econometric Society, vol. 70(4), pages 1659-1673, July.
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