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Menu Theorems for Bilateral Contracting

  • Han, Seungjin

This paper studies the bilateral contracting environment where multiple principals negotiate contracts with multiple agents independently. It is shown that equilibrium allocations associated with (pure strategy) perfect Bayesian equilibria relative to any ad hoc set of negotiation schemes can be supported by pure strategy perfect Bayesian equilibria relative to the set of menus. It is also shown that equilibrium allocations associated with all perfect Bayesian equilibria relative to any ad hoc set of negotiation schemes can be supported by correlated equilibria relative to the set of menus, where the set of states is simply the set of feasible probability distributions over payoff-relevant variables. Moreover, equilibrium allocations associated with all equilibria relative to the set of menus persist even if principals use more complex negotiation schemes.

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Paper provided by Vancouver School of Economics in its series working papers with number han-04-01-29-10-05-13.

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Length: 0 pages
Date of creation: 29 Jan 2004
Date of revision: 29 Jan 2004
Handle: RePEc:ubc:pmicro:han-04-01-29-10-05-13
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  1. Larry Epstein & Michael Peters, 1996. "A Revelation Principle For Competing Mechanisms," Working Papers peters-96-02, University of Toronto, Department of Economics.
  2. Prat, A. & Rustichini, A., 1999. "Games Played Through Agents," Discussion Paper 1999-68, Tilburg University, Center for Economic Research.
  3. David Martimort & Lars Stole, 2001. "The Revelation and Delegation Principles in Common Agency Games," CESifo Working Paper Series 575, CESifo Group Munich.
  4. Michael Peters, 1999. "Common Agency and the Revelation Principle," Working Papers peters-99-01, University of Toronto, Department of Economics.
  5. McAfee, R Preston, 1993. "Mechanism Design by Competing Sellers," Econometrica, Econometric Society, vol. 61(6), pages 1281-1312, November.
  6. Bernheim, B Douglas & Whinston, Michael D, 1986. "Menu Auctions, Resource Allocation, and Economic Influence," The Quarterly Journal of Economics, MIT Press, vol. 101(1), pages 1-31, February.
  7. Ilya Segal, 1999. "Contracting With Externalities," The Quarterly Journal of Economics, MIT Press, vol. 114(2), pages 337-388, May.
  8. Paul Klemperer, 2000. "What Really Matters in Auction Design," Economics Series Working Papers 2000-W26, University of Oxford, Department of Economics.
  9. Dixit, Avinash & Grossman, Gene M. & Helpman, Elhanan, 1997. "Common Agency and Coordination: General Theory and Application to Government Policy Making," Scholarly Articles 3450061, Harvard University Department of Economics.
  10. Ilya Segal & Michael D. Whinston, 2003. "Robust Predictions for Bilateral Contracting with Externalities," Econometrica, Econometric Society, vol. 71(3), pages 757-791, 05.
  11. Klemperer, Paul D & Meyer, Margaret A, 1989. "Supply Function Equilibria in Oligopoly under Uncertainty," Econometrica, Econometric Society, vol. 57(6), pages 1243-77, November.
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