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| Author: | Hofmann, V. Pfeiffer, T. |
| Title: | Investitionsbudgetierung und Anreizprobleme: ist der Groves-Mechanismus nur third-best? |
| Journal: | Zeitschrift für Betriebswirtschaft
2003 : JUN, VOL. 73:6, p. 559-582 |
| Index terms: | Finance Financial planning Investments Budgeting Econometric models |
| Language: | ger |
| Abstract: | In the paper the authors analyze the Groves-Mechanism in a setting with incentive constraints and participation constraints. They show that the Groves-Mechanism is in general dominated by a second-best-mechanism based on the revelation principle. With an appropriate modification, the Groves-Mechanism may regain its second best property. The modification, however, requires the solution of the second-best-mechanism and a forcing contract regarding the agent's activities (original in German). |
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