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Contracting in intermediate markets

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  • Coutinho, Paulo C.

Abstract

This paper builds three models for intermediate industrial product markets characterized by a monopolist seller and many competitive buyers in an environment with uncertainty and asymmetric information. In the main model the paper analyses credible announcement equilibria, i.e., rational expectations equilibria of the following type. The uninformed agent makes some announcement about how he will act after some information is transmitted to him by the informed agents. Even though he is allowed to behave differently from his announcement, it turns out in a credible announcement equilibria that it is in the best interest of the uninformed agent to fulfill his announcement.

Suggested Citation

  • Coutinho, Paulo C., 1987. "Contracting in intermediate markets," Brazilian Review of Econometrics, Sociedade Brasileira de Econometria - SBE, vol. 7(2), November.
    • Handle: RePEc:sbe:breart:v:7:y:1987:i:2:a:3099
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    File URL: https://periodicos.fgv.br/bre/article/view/3099
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    Cited by:

    1. Mulder, B.M., 1991. "Non-equivalence of ensembles in the ground state of a model with annealed bond impurities," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 174(2), pages 504-516.
    2. Coutinho, S. & SáBarreto, F.C. & Vasconcelos dos Santos, R.J., 1993. "Ising model randomly decorated with general spin angular momentum," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 196(3), pages 461-475.

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