payoff than player 2 except in the inefficient equilibrium where they earn the same payoffs. The main focus is on the … coordination on an efficient equilibrium, (2) a transfer from player 1 to player 2 is positive, and is higher when player 2 chooses … the action corresponding to the efficient equilibrium, and hence (3) the transfer opportunity tends to improve the …

payoff than player 2 except in the inefficient equilibrium where they earn the same payoffs. The main focus is on the … coordination on an efficient equilibrium, (2) a transfer from player 1 to player 2 is positive, and is higher when player 2 chooses … the action corresponding to the efficient equilibrium, and hence (3) the transfer opportunity tends to improve the …

their flow payoffs. In contrast to the static case, the equilibrium is unique under a general class of terminal payoff … functions. Our characterization of the equilibrium builds on recent developments in the theory of backward stochastic … contests. In a team production model, the unique equilibrium selects an efficient outcome when frictions vanish …