Common Agency and the Revelation Principle
In the common agency problem multiple mechanism designer simultaneously attempt to control the behavior of a single privately informed agent. The paper shows that the allocations associated with equilibria relative to any ad hoc set of fessible mechanisms can be reproduce as equilibria relative to (some subset of) the set of menus. Furthermore, equilibria relative to the set of menus are weakly robust in the sense that it is possible to find continuation equilibria so that the equilibrium allocations persist even when the set of feasible mechanisms is enlarged.
|Date of creation:||19 Jan 1999|
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- Dixit, Avinash & Grossman, Gene M & Helpman, Elhanan, 1997.
"Common Agency and Coordination: General Theory and Application to Government Policy Making,"
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- Roger B. Myerson, 1977.
"Incentive Compatability and the Bargaining Problem,"
284, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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- Michael Peters, 1995.
"On the Equivalence of Walrasian and Non-Walrasian Equilibria in Contract Markets: The case of Complete Contracts,"
peters-95-01, University of Toronto, Department of Economics.
- Michael Peters, 1995. "On the Equivalence of Walrasian and Non-Walrasian Equilibria in Contract Markets: The case of Complete Contracts," GE, Growth, Math methods 9507001, EconWPA.
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