Common agency with informed principals

Detalhes bibliográficos
Autor(a) principal: Moreira, Humberto Ataíde
Data de Publicação: 2004
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/12598
Resumo: We analyze a common agency game under asymmetric information on the preferences of the non-cooperating principals. Asymmetric information introduces incentive compatibility constraints which rationalize the requirement of truthfulness made in the earlier literature on common agency games under complete information. There exists a large class of differentiable equilibria which are ex post inefficient and exhibit free-riding. We then characterize some interim efficient equilibria. Finally, there exists also a unique equilibrium allocation which is robust to random perturbations. This focal equilibrium is characterized for any distribution of types.
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spelling Moreira, Humberto AtaídeEscolas::EPGEFGV2014-11-25T13:01:05Z2014-11-25T13:01:05Z2004-04-29http://hdl.handle.net/10438/12598We analyze a common agency game under asymmetric information on the preferences of the non-cooperating principals. Asymmetric information introduces incentive compatibility constraints which rationalize the requirement of truthfulness made in the earlier literature on common agency games under complete information. There exists a large class of differentiable equilibria which are ex post inefficient and exhibit free-riding. We then characterize some interim efficient equilibria. Finally, there exists also a unique equilibrium allocation which is robust to random perturbations. This focal equilibrium is characterized for any distribution of types.engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa econômica da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessCommon agencyPublic goodsIncentive mechanismsEconomiaInvestimentos - Modelos econométricosCommon agency with informed principalsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL1611.pdf1611.pdfapplication/pdf319277https://repositorio.fgv.br/bitstreams/69c595c2-7f14-459a-894c-52fbf1a14655/download872a30093ef5ef6a8ced2fd12b92f22fMD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/3b4f2b00-f6bd-4a46-93eb-03b8c1900426/downloaddfb340242cced38a6cca06c627998fa1MD52TEXT1611.pdf.txt1611.pdf.txtExtracted 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dc.title.eng.fl_str_mv Common agency with informed principals
title Common agency with informed principals
spellingShingle Common agency with informed principals
Moreira, Humberto Ataíde
Common agency
Public goods
Incentive mechanisms
Economia
Investimentos - Modelos econométricos
title_short Common agency with informed principals
title_full Common agency with informed principals
title_fullStr Common agency with informed principals
title_full_unstemmed Common agency with informed principals
title_sort Common agency with informed principals
author Moreira, Humberto Ataíde
author_facet Moreira, Humberto Ataíde
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EPGE
dc.contributor.affiliation.none.fl_str_mv FGV
dc.contributor.author.fl_str_mv Moreira, Humberto Ataíde
dc.subject.por.fl_str_mv Common agency
topic Common agency
Public goods
Incentive mechanisms
Economia
Investimentos - Modelos econométricos
dc.subject.eng.fl_str_mv Public goods
Incentive mechanisms
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Investimentos - Modelos econométricos
description We analyze a common agency game under asymmetric information on the preferences of the non-cooperating principals. Asymmetric information introduces incentive compatibility constraints which rationalize the requirement of truthfulness made in the earlier literature on common agency games under complete information. There exists a large class of differentiable equilibria which are ex post inefficient and exhibit free-riding. We then characterize some interim efficient equilibria. Finally, there exists also a unique equilibrium allocation which is robust to random perturbations. This focal equilibrium is characterized for any distribution of types.
publishDate 2004
dc.date.issued.fl_str_mv 2004-04-29
dc.date.accessioned.fl_str_mv 2014-11-25T13:01:05Z
dc.date.available.fl_str_mv 2014-11-25T13:01:05Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/12598
url http://hdl.handle.net/10438/12598
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartofseries.por.fl_str_mv Seminários de pesquisa econômica da EPGE
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
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