Prat, A.; Rustichini, A. - Tilburg University, Center for Economic Research - 1998
In a common agency game a set of principals promises monetary transfers to an agent which depend on the action he will … equilibria may be inefficient. Here we study the sequential formulation of the common agency game: principals announce their … (and the agent worse off) than in the truthful equilibria of the simultaneous common agency. These results suggest that the …