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We study games in which multiple principals influence the choice of a privately-informed agent by offering action-contingent payments. We characterize the equilibrium allocation set as the maximizers of an endogenous aggregate virtual-surplus program. The aggregate maximand for every equilibrium...
Persistent link: https://www.econbiz.de/10013027479
This chapter surveys recent theoretical developments in the intersection of price discrimination and imperfect competition, emphasizing how the introduction of competition fundamentally alters some well-established results derived from models of monopoly pricing
Persistent link: https://www.econbiz.de/10013058619
We study games of public delegated common agency under asymmetric information. Using tools from non-smooth analysis and optimal control, we derive best responses and characterize equilibria (both continuous and discontinuous) using self-generating optimization programs of which any equilibrium...
Persistent link: https://www.econbiz.de/10013058753
An aggregate game is a normal-form game with the property that each player's payoff is a function of only his own strategy and an aggregate of the strategy profile of all players. Such games possess properties that can often yield simple characterizations of equilibrium aggregates without re-...
Persistent link: https://www.econbiz.de/10013034192