Reciprocal Relationships and Mechanism Design
نویسنده
چکیده
We study an incomplete information game in which players can coordinate their actions by contracting among themselves. We model this relationship as a reciprocal contracting procedure where each player has the ability to make commitments contingent on the other playerscommitments. We characterize the outcomes that can be supported as perfect Bayesian equilibrium outcomes in this reciprocal contracting game. We use our characterization to show that the set of supportable outcomes with reciprocal contracting is larger than the set of outcomes available in a centralized design problem where a mechanism designer can o¤er contracts in which all players would voluntarily participate: Unlike this centralized design procedure, the reciprocal contracting game makes it possible for players to convey partial information about their types at the time they o¤er contracts. We discuss the implications of our analysis for modeling collusion between multiple agents interacting with the same principal.
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