Pure Strategies and No Externalities with Multiple Agents
This note considers two properties of common agency models - pure strategy equilibria with simple competition are robust and equilibria in mechanisms can be reproduced as equilibria with simple competition provided an appropriate no-externalities assumption holds. This note provides counter examples to both these theorems when there are multiple agents.
|Date of creation:||17 Dec 2003|
|Date of revision:||12 Feb 2004|
|Contact details of provider:|| Web page: http://www.economics.ubc.ca/|
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