information between two national regulators. The model concentrates on informational frictions in an environment with otherwise … some regulatory information creates misreporting incentives. However, the major problem is not the reporting accuracy but …

exists. We assess the role of incomplete vs. complete information in the efficiency achieved by this new mechanism and by … unconstrained negotiation. We find that unconstrained negotiation does best under a situation of complete information where the … incomplete information. The sources of inefficiencies in each of the two cases arise from the different strategic use of the …