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and communication equilibria are payoff equivalent to the Nash equilibrium if there is no reserve price, or if it is … and a positive reserve price, then there may exist correlated and communication equilibria such that the bidders' payoffs … the bidders have an incentive to coordinate on such equilibria. …
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The author analyses delegation in homogenous duopoly under the assumption that firm-managers compete in supply functions. He reverses earlier findings in that owners give managers incentives to act in an accommodating way. That is, optimal delegation reduces per-firm output and increases profits...
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The author analyses delegation in homogenous duopoly under the assumption that the firm-managers compete in supply functions. In supply function equilibrium, managers' decisions are strategic complements. This reverses earlier findings in that the author finds that owners give managers...
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