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| Author: | Rochet, J.-C. Stole, L. A. |
| Title: | Nonlinear pricing with random participation |
| Journal: | Review of Economic Studies
2002 : JAN, VOL. 69:1(238), p. 277-311 |
| Index terms: | Econometric models Nonlinear programming Participatory management |
| Language: | eng |
| Abstract: | The canonical selection contarcting programme takes the agent's participation decision as deterministic and finds the optimal contract, typically satisfying this constraint for the worst type. Upon weakening this assumption of known reservation values by introducing independent randomness into the agents' outside opetions, the authors finf that some of the received wisdom from mechanism design and ninlinear pricing is not robust and the richer model which allows for stochastic participation affords a more general empirical specification. |
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