Incentive Constraints and Optimal Communication Systems
نویسنده
چکیده
An example of a sender-receiver game, due to Farrell, is studied to illustrate the role of incentive constraints in the design of optimal communication systems between rational individuals whose interests are not the same. Some noise in the communication system is essential for substantive communication. Informational and strategic incentive constraints are linear, so finding an optimal incentive-compatible mediation plan is a linear programming problem. The revelation principle guarantees that an optimal incentive-compatible mediation plan is also optimal among all equilibria with all possible communication systems. Without moral hazard, participational incentive constraints replace strategic incentive constraints.
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