distortion is due to the externalities on agents' reservation utilities. In contrast, when the principal's offers are privately … observed, the distortion is due to the externalities arising at efficient trade profiles. When the principal can commit to an …

distortion is due to the externalities on agents' reservation utilities. In contrast, when the principal's offers are privately … observed, the distortion is due to the externalities arising at efficient trade profiles. When the principal can commit to an …

commitment. By allowing the principal to use general communication devices we overcome the literature's common, but overly … restrictive focus on one-shot, direct communication. In addition, general communication devices solve two fundamental problems of … the message spaces of the communication device. An example illustrates our arguments and the suboptimality of one …

discrete bonuses after they do sufficiently well. By adjusting monitoring intensity and communication of performance, the …