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. -- tournament ; mechanism ; information revelation ; Jensen’s inequality …This paper studies the problem of information revelation in a multi-stage tournament where the agents’ effort in each …
Persistent link: https://www.econbiz.de/10001763125
power after offering their mechanisms. I show that, in contrast with mechanism design models with one informed principal …
Persistent link: https://www.econbiz.de/10009376226
This paper studies an informed mechanism designer problem in which the principal’s private information is a number of … in the sense that a conversion problem for a grand mechanism is resolved – each agent’s expected payment taking into …, additionally, the principal’s expected payoff linearity, there is a single threshold for the optimal grand mechanism if a sub-mechanism …
Persistent link: https://www.econbiz.de/10013404832
This paper considers general games in which multiple informed principals simultaneously compete to influence the decisions of a common agent. It shows that we can characterize all outcomes of any game in which principals delegate the final decisions to the agent using arbitrary mechanisms, by...
Persistent link: https://www.econbiz.de/10013028126
In a sequencing problem with linear time cost, Suijs (1996) proved that it is possible to achieve first best. By first best we mean that one can find mechanisms that satisfy efficiency of decision, dominant strategy incentive compatibility and budget balancedness. In this paper we show that...
Persistent link: https://www.econbiz.de/10011538720
We consider a mechanism design setting in which agents can acquire costly information on their preferences as well as … others'. The choice of the mechanism generates informational incentives as it affects what information is acquired before … play begins. A mechanism is informationally simple if agents have no incentive to learn about others' preferences. This …
Persistent link: https://www.econbiz.de/10012844328
The paper studies a model of delegated search. The distribution of search revenues is unknown to the principal and has to be elicited from the agent in order to design the optimal search policy. At the same time, the search process is unobservable, requiring search to be self-enforcing. The two...
Persistent link: https://www.econbiz.de/10013057288
This paper proposes "expected informativeness," an ex-ante counterpart of a likelihood ratio, in principal-agent models. The principal has an easy task and a difficult task to delegate. The difficult task requires high ability and high effort. It is the first-best outcome to assign tasks...
Persistent link: https://www.econbiz.de/10012930403
This paper studies a simple setting in which the contractual arrangements which determine the incentives for agents are not designed by a single central planner, but are themselves the outcome of a game among multiple non-cooperatively acting principals. The notion of an Epsilon Contracting...
Persistent link: https://www.econbiz.de/10014137334
This paper studies a simple setting in which the contractual arrangements which determine the incentives for agents are not designed by a single central planner, but are themselves the outcome of a game among multiple non-cooperatively acting principals. The notion of an Epsilon Contracting...
Persistent link: https://www.econbiz.de/10014141846