In this paper, two simple oligopoly models are considered: the first with homogeneous and the second with differentiated products. Differently from previous contributions, this paper shows that, with imperfect monitoring, there exists a sequence of symmetric strategy profiles (with stochastic...

I study the general problem of a principal who desires to implement a given vector of actions and pay the agents according to a given compensation scheme. Previous work has provided mechanisms for implementation in various special cases. In this article, I fully characterize the set of action...

We characterize incentive-efficient merger outcomes when payments can be made both in cash and stock. Each firm has private information about both its stand-alone value and a component of the (possibly negative) potential synergies. We study two cases: when transfers can, and cannot, be made...