Keeping the agents in the dark : private disclosures in competing mechanisms - Archive ouverte HAL Accéder directement au contenu
Pré-Publication, Document De Travail Année : 2021

Keeping the agents in the dark : private disclosures in competing mechanisms

Eloisa Campioni
  • Fonction : Auteur
  • PersonId : 1168261
Alessandro Pavan
  • Fonction : Auteur
  • PersonId : 1270819

Résumé

We study games in which several principals contract with several privately-informed agents. We show that enabling the principals to engage in contractible private disclosures – by sending private signals to the agents about how the mechanisms will respond to the agents’ messages – can significantly affect the predictions of such games. Our first result shows that private disclosures may generate equilibrium outcomes that cannot be supported in any game without private disclosures, no matter the richness of the message spaces and the availability of public randomizing devices. The result thus challenges the canonicity of the universal mechanisms of Epstein and Peters (1999). Our second result shows that equilibrium outcomes of games without private disclosures need not be sustainable when private disclosures are allowed. The result thus challenges the robustness of the “folk theorems” of Yamashita (2010) and Peters and Troncoso-Valverde (2013). These findings call for a novel approach to the analysis of competing-mechanism games.
Fichier principal
Vignette du fichier
wp_tse_1227.pdf (756.72 Ko) Télécharger le fichier
Origine : Fichiers produits par l'(les) auteur(s)

Dates et versions

hal-03266804 , version 1 (22-06-2021)
hal-03266804 , version 2 (18-07-2023)

Identifiants

  • HAL Id : hal-03266804 , version 2

Citer

Andrea Attar, Eloisa Campioni, Thomas Mariotti, Alessandro Pavan. Keeping the agents in the dark : private disclosures in competing mechanisms. 2023. ⟨hal-03266804v2⟩
124 Consultations
41 Téléchargements

Partager

Gmail Facebook X LinkedIn More