This paper studies the relationship between competition and incentives in an economy with financial contracts. We concentrate on non-exclusive credit relationships, those where an entrepreneur can simultaneously accept more than one contractual offer. Several homogeneous lenders compete on the...

In this note we show that the equilibrium characterized by Biais, Martimort and Rochet (Econometrica, 78, 2000) could have been characterized by using direct mechanisms.

We consider Common Agency games of moral hazard and we suggest that there is only a very weak support for the standard restriction to take-it or leave-it contracts.