Joint production in teams Battaglini, Marco

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Battaglini, Marco
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Journal of Economic Theory
Cost control -- Methods; Production management -- Methods; Economics
To link to full-text access for this article, visit this link: Byline: Marco Battaglini (a)(b) Abstract: Consider Holmstrom's moral hazard in teams problem when there are n agents, each agent i has an a.sub.i-dimensional strategy space and output is m-dimensional. We show that a compensation mechanism that satisfies budget balance, limited liability and implements an efficient allocation generically exists if and only if<m. Moreover, under a weak additional condition, the equilibrium implemented by this mechanism is unique in the class of pure strategy Coalition-Proof equilibria. Author Affiliation: (a) Economics Department, Princeton University, 001 Fisher Hall, Princeton NJ 08544-1021, USA (b) CEPR Article History: Received 10 January 2003; Revised 18 May 2005
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