| Tekijä: | Lagunoff, R. |
| Otsikko: | Resilient moral hazard and one-sided commitment |
| Lehti: | Journal of Economic Theory
1995 : AUG, VOL. 66:2, p. 463-487 |
| Asiasana: | ECONOMIC THEORY BILATERAL TRADE ALLOCATION |
| Kieli: | eng |
| Tiivistelmä: | In decision problems where agents hold private information, an uninformed central planner may be unable to identify Pareto improvements that each agent himself could identify. The author examines allocation rules in a simple bilateral bargaining problem which are resilient in the sense that no improvements could be both identified and collectively achieved when the traders themselves can bargain over the mechanism. Specifically, recursively resilient rules are status quo. |
SCIMA