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), the principal then responds by offering the agent a (possibly degenerate) menu of contracts that are payoff-equivalent for …'s strategy to be Markov is without loss in the case of deterministic decisions, e.g. when the contracts are deterministic and the …
Persistent link: https://www.econbiz.de/10012236189
), the principal then responds by offering the agent a (possibly degenerate) menu of contracts that are payoff-equivalent for …'s strategy to be Markov is without loss in the case of deterministic decisions, e.g. when the contracts are deterministic and the …
Persistent link: https://www.econbiz.de/10005824589
We introduce new revelation mechanisms for simultaneous common agency games which, although they do not always permit a complete equilibrium characterization, do facilitate the characterization of the equilibrium outcomes that are typically of interest in applications. We then show how these...
Persistent link: https://www.econbiz.de/10008595857
This paper considers games in which multiple principals contract simultaneously with the same agent. We introduce a new class of revelation mechanisms that, although it does not always permit a complete equilibrium characterization, it facilitates the characterization of the equilibrium outcomes...
Persistent link: https://www.econbiz.de/10010266294
-strategy profiles in which the principals offer menus of contracts and delegate to the agent the choice of the contractual terms. We …
Persistent link: https://www.econbiz.de/10010282900
In games in which multiple principals contract simultaneously and non-cooperatively with the same agent, standard direct revelation mechanisms in which the agent reports his type(i.e. his exogenous private information) have been proven inadequate to characterize the entire set of equilibrium...
Persistent link: https://www.econbiz.de/10005252337
This paper considers games in which multiple principals contract simultaneously with the same agent. We introduce a new class of revelation mechanisms that, although it does not always permit a complete equilibrium characterization, it facilitates the characterization of the equilibrium outcomes...
Persistent link: https://www.econbiz.de/10005013911
-strategy profiles in which the principals offer menus of contracts and delegate to the agent the choice of the contractual terms. We …
Persistent link: https://www.econbiz.de/10008597101
), the principal then responds by offering the agent a (possibly degenerate) menu of contracts that are payoff— equivalent …’s strategy to be Markov is without loss in the case of deterministic decisions, e.g. when the contracts are deterministic and the …
Persistent link: https://www.econbiz.de/10005498138
This paper studies revenue-maximizing mechanisms for a monopolist who expects her buyers to resell in a secondary market. We consider two modes of resale: the first is to a third party who does not participate in the primary market; the second is inter-bidders resale, where the winner in the...
Persistent link: https://www.econbiz.de/10011325055