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BEGIN:VEVENT
DTSTAMP:20260507T203242Z
DTSTART;VALUE=DATE-TIME:20210422T130000
DTEND;VALUE=DATE-TIME:20210422T140000
SUMMARY:MIWP (Microeconomics Work in Progress) - Anastasios Dosis (ESSEC 
 ÌÇÐÄTV School)
TZID:Europe/London
UID:20210422-8a17841b785a70af0178f3997de25948@warwick.ac.uk
CREATED:20210423T214535Z
DESCRIPTION:Title:On the Informed Principal Model with Common Values Abst
 ract: This paper reconsiders the informed principal model with common va
 lues. It provides conditions that allow for the characterisation of the 
 set of equilibrium allocations of the game in which the principal makes 
 a take-it-or-leave-it offer of a mechanism to the agent. In particular\,
  it is shown that the Rothschild-Stiglitz-Wilson allocation (i.e.\, the 
 allocation that is undominated for the principal within the set of alloc
 ations that are incentive compatible for the principal and type-by-type 
 individually rational for the agent) and every allocation that dominates
  it and is individually rational for the agent relative to the prior bel
 iefs (if such an allocation exists) constitutes an equilibrium allocatio
 n whenever the RSW allocation is interim optimal relative to some strict
 ly positive beliefs. If the principal confines herself to offering direc
 t revelation mechanisms\, the RSW allocation and every allocation that d
 ominates and is individually rational for the agent relative to the prio
 r beliefs (if such an allocation exists) constitutes equilibrium allocat
 ions without imposing any condition. Sufficient conditions are presented
  such that the set of equilibrium allocations is fully characterised. Th
 e results are shown to be in contrast to those obtained in Maskin and Ti
 role (1992) and illustrated in several economic applications.
LOCATION:via Microsoft Teams
CATEGORIES:MIWP (Microeconomics Work in Progress)
LAST-MODIFIED:20210423T214535Z
ORGANIZER;CN=Gill Gudger:
END:VEVENT
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