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Stochastic and deterministic menus in common agency games

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  • Gwenael Piaser

    (Universita Ca' Foscari di Venezia)

Abstract

In this note, we argue that in Common Agency games the restriction todeterministic menus is critical. We give an simple example, with complete information and no moral hazard,where an equilibrium is not robust to the introduction of stochastic menus.

Suggested Citation

  • Gwenael Piaser, 2005. "Stochastic and deterministic menus in common agency games," Economics Bulletin, AccessEcon, vol. 4(11), pages 1-6.
    • Handle: RePEc:ebl:ecbull:eb-05d80017
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    References listed on IDEAS

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    1. ATTAR, Andrea & MAJUMDAR, Dipjyoti & PIASER, Gwenaêl & PORTEIRO, Nicolàs, 2003. "Common agency games with separable preferences," LIDAM Discussion Papers CORE 2003102, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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    8. Andreas Lehnert, 1998. "Asset pooling, credit rationing, and growth," Finance and Economics Discussion Series 1998-52, Board of Governors of the Federal Reserve System (U.S.).
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    11. Attar, Andrea & Campioni, Eloisa & Piaser, Gwenaël & Rajan, Uday, 2010. "On multiple-principal multiple-agent models of moral hazard," Games and Economic Behavior, Elsevier, vol. 68(1), pages 376-380, January.
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    Cited by:

    1. ATTAR, Andrea & MAJUMDAR, Dipjyoti & PIASER, Gwenaêl & PORTEIRO, Nicolàs, 2003. "Common agency games with separable preferences," LIDAM Discussion Papers CORE 2003102, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    2. Attar, Andrea & Majumdar, Dipjyoti & Piaser, Gwenaël & Porteiro, Nicolás, 2008. "Common agency games: Indifference and separable preferences," Mathematical Social Sciences, Elsevier, vol. 56(1), pages 75-95, July.
    3. Emanuele Gerratana, 2007. "Games with Externalities and Delegation to a Common Agent," Koç University-TUSIAD Economic Research Forum Working Papers 0710, Koc University-TUSIAD Economic Research Forum.

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    More about this item

    Keywords

    Delegation Principle;

    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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