The Not-So-Secret Agent: Professional Monitors, Hierarchies and Implementation
It is well-known that, when agents in an organization possess private information that is unverifiable by an outside party, games where agents simply announce their information can have multiple equilibria that may impede the successful implementation of the organization's objectives. We show that the introduction of a professional monitor (e.g. auditor, regulator, supervisor) can help to destroy the "bad'' equilibria when agents have private information but have incomplete info rmation about others' information.
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|Date of creation:||1995|
|Date of revision:|
|Contact details of provider:|| Postal: UNIVERSITY OF CAMBRIDGE, RESEARCH PROJECT ON RISK, INFORMATION AND QUANTITY SIGNALS IN ECONOMICS(E.S.R.C.), DEPARTMENT OF APPLIED ECONOMICS, SIDGWICK AV. CAMBRIDGE CB3 9DEDE U.K..|
Web page: http://www.econ.cam.ac.uk/
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