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
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- Michael Peters, 1999.
"Common Agency and the Revelation Principle,"
peters-99-01, University of Toronto, Department of Economics.
- David Martimort & Lars Stole, 2002.
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- Pavan, Alessandro & Calzolari, Giacomo, 2009.
"Sequential contracting with multiple principals,"
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Elsevier, vol. 144(2), pages 503-531, March.
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- 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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