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Imperfect Commitment and the Revelation Principle: the Multi-Agent Case with Transferable Utility

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  • Evans, R.
  • Reich, S.

Abstract

Bester and Strausz (2000) showed that the revelation principle of Bester and Strausz (2001) does not apply in a setting of many agents and no commitment. In their counterexample only one agent has private information. We show that if the parties can make ex ante transfers the revelation principle does extend to this setting. However, we show that it does not extend to a setting in which more than one agent has private information.

Suggested Citation

  • Evans, R. & Reich, S., 2007. "Imperfect Commitment and the Revelation Principle: the Multi-Agent Case with Transferable Utility," Cambridge Working Papers in Economics 0731, Faculty of Economics, University of Cambridge.
    • Handle: RePEc:cam:camdae:0731
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    2. Heumann, Tibor, 2020. "On the cardinality of the message space in sender–receiver games," Journal of Mathematical Economics, Elsevier, vol. 90(C), pages 109-118.
    3. Skreta, Vasiliki, 2015. "Optimal auction design under non-commitment," Journal of Economic Theory, Elsevier, vol. 159(PB), pages 854-890.
    4. Daske, Thomas, 2016. "Pooling hawks and doves: Interim-efficient labor contracts for other-regarding agents," VfS Annual Conference 2016 (Augsburg): Demographic Change 145951, Verein für Socialpolitik / German Economic Association.
    5. Juan I. Beccuti, 2014. "Optimal Selling Mechanisms under Imperfect Commitment," Diskussionsschriften dp1401, Universitaet Bern, Departement Volkswirtschaft.

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    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights

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