In games in which multiple principals contract simultaneously and non-cooperatively with the same agent, standard direct revelation mechanisms in which the agent reports his type(i.e. his exogenous private information) have been proven inadequate to characterize the entire set of equilibrium...

This paper considers dynamic games in which multiple principals contract sequentially and non-cooperatively with the same agent. We …first show that when contracting is private, i.e. when downstream principals observe neither the mechanisms offered upstream nor the decisions taken in these...

This paper considers dynamic games in which multiple principals contract sequentially and non-cooperatively with the same agent and provides characterization results useful for applications. Our benchmark model is one of private contracting in which downstream principals do not observe upstream...

Contracts adopted with later renegotiation in mind may take simple forms. In a principal-agent model, if renegotiation may occur after the agent chooses efforet, the principal protects against unfavorable renegotiation by "selling the project" to the agent via a sales contract. If only singleton...

Sales contracts emerge when a principal and an agent in amoral hazard environment cannot prevent themselves from renegotiating their contract. The renegotiation occurs after the agent chooses his unobservable effort, but before its consequences are realized. Unlike previous analyses, a contract...

I study the optimal supply of exible commitment devices to people who value both commitment and exibility, and whose preferences exhibit varying degrees of time incon- sistency. I …nd that, if time inconsistency is observable, then both a monopolist and a planner supply devices that enable each...