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.
|Date of creation:||Sep 2008|
|Contact details of provider:|| Postal: Center for Mathematical Studies in Economics and Management Science, Northwestern University, 580 Jacobs Center, 2001 Sheridan Road, Evanston, IL 60208-2014|
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- 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.
- Giacomo Calzolari & Alessandro Pavan, 2008. "Sequential Contracting with Multiple Principals," Discussion Papers 1499, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Peters, Michael, 2001.
"Common Agency and the Revelation Principle,"
Econometric Society, vol. 69(5), pages 1349-1372, September.
- David Martimort & Lars Stole, 2002.
"The Revelation and Delegation Principles in Common Agency Games,"
Econometric Society, vol. 70(4), pages 1659-1673, July.
- David Martimort & Lars Stole, 2001. "The Revelation and Delegation Principles in Common Agency Games," CESifo Working Paper Series 575, CESifo Group Munich.
- 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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