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vanish over time and need not be monotonic in the shock to the buyer's valuation. These results are in contrast to those …
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We study relative performance of stochastic and deterministic mechanisms in a principal-agent model with hidden information and no monetary transfers. We present an example in which stochastic mechanisms perform strictly better than deterministic ones and can implement any outcome arbitrarily...
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need not vanish over time and need not be monotonic in the shock to the buyer's valuation. These results are in contrast to …
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