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| Author: | Miller, N. |
| Title: | Efficiency in partnerships with joint monitoring |
| Journal: | Journal of Economic Theory
1997 : DEC, VOL. 77:2, p. 285-299 |
| Index terms: | EFFICIENCY ECONOMICS MODELS |
| Language: | eng |
| Abstract: | This paper examines deterministic partnerships where a single partner observes the actions taken by a subset of the other partners and issues a report conditional on that observation. No other partner has any additional information. In such a model, whenever the observing partner can see the action chosen by at least one other partner, the efficient action vector can be sustained in a perfect Bayesian equilibrium by sharing rule that exhibits budget balance and limited liability. |
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