scholarly journals Truthful Revelation Mechanisms for Simultaneous Common Agency Games

2010 ◽  
Vol 2 (2) ◽  
pp. 132-190 ◽  
Author(s):  
Alessandro Pavan ◽  
Giacomo Calzolari
Keyword(s):  
Moral Hazard ◽  
Mixed Strategy ◽  
Common Agency ◽  
Markov Strategies

We introduce new revelation mechanisms for simultaneous common agency games which, although they do not always permit a complete equilibrium characterization, do facilitate the characterization of the equilibrium outcomes that are typically of interest in applications. We then show how these mechanisms can be used in applications such as menu auctions, competition in nonlinear tariffs, and moral hazard settings. Lastly, we show how one can enrich the revelation mechanisms, albeit at a cost of an increase in complexity, to characterize all possible equilibrium outcomes, including those sustained by non-Markov strategies and/or mixed-strategy profiles. (JEL C72, D82, D86)

scholarly journals A note on Common Agency models of moral hazard

2007 ◽  
Vol 95 (2) ◽  
pp. 278-284 ◽  
Author(s):  
Andrea Attar ◽  
Gwenaël Piaser ◽  
Nicolás Porteiro
Keyword(s):  
Moral Hazard ◽  
Common Agency ◽  
Agency Models

scholarly journals A CLOSED-FORM SOLUTION TO A MODEL OF TWO-SIDED, PARTIAL ALTRUISM

2012 ◽  
Vol 16 (2) ◽  
pp. 230-239
Author(s):  
Ana Fernandes
Keyword(s):  
Closed Form ◽  
Overlapping Generations ◽  
Closed Form Solution ◽  
Form Solution ◽  
Allocation Of Resources ◽  
Overlapping Generations Model ◽  
Parents And Children ◽  
Saving Rates ◽  
Markov Strategies

This paper presents a closed-form characterization of the allocation of resources in an overlapping generations model of two-sided, partial altruism. Three assumptions are made: (i) parents and children play Markov strategies, (ii) utility takes the CRRA form, and (iii) the income of children is stochastic but proportional to the saving of parents. In families where children are rich relative to their parents, saving rates—measured as a function of the family's total resources—are higher than when children are poor relative to their parents. Income redistribution from the old to the young, therefore, leads to an increase in aggregate saving.

scholarly journals A unifying philosophy of governance

2012 ◽  
Vol 1 (3) ◽  
pp. 126-137
Author(s):  
Sankarshan Acharya
Keyword(s):  
Global Warming ◽  
Moral Hazard ◽  
Nuclear Proliferation ◽  
Fundamental Question ◽  
Bertrand Russell ◽  
Philosophical Foundation ◽  
Religion And Science ◽  
Engineering Economics ◽  
Concepts Of God

Bertrand Russell won Nobel Prize for arguing that science has triumphed over religion. Since religions are based on god, Russell’s argument implies that science has triumphed over both religion and god. But neither Russell nor anyone else has ever defined religion and god, rationally. The assertion about triumph of science (which is founded on rationality) over concepts such as religion and god (which are not defined rationally or scientifically in the extant literature) cannot be rational. This paper offers a novel rational philosophical foundation for the concepts of god, religion and science in which the claim that science triumphs over religion is redundant. This paper also presents substantial new insights about epistemic truths to help resolve current problems facing humanity like financial moral hazard and terrorism which have unnerved nations worldwide. The humanity now begs to answer a fundamental question of how we can govern ourselves. This paper offers a coherent set of credible answers. In particular, it offers a coherent unified philosophy about how humans have universally formed beliefs to govern themselves and how this philosophy could help resolve current problems. The universal rendering of beliefs articulated here subsumes the extant characterization of probability beliefs in mathematics, science, engineering, economics, religion and philosophy. The universal beliefs so articulated in this paper obviate the currently prevalent philosophical conflicts between religion and science or between theism and atheism and paves the way for optimal governance for prosperity amid stability. This philosophy also offers a rational characterization of the spiritual notion of Nirvana or salvation of the soul and the notion of epistemic truth. The unifying philosophy can help humanity achieve unity, stability and prosperity, sans financial moral hazard, antagonism, wars, nuclear proliferation, global warming and atmospheric pollution.

scholarly journals A complete characterization of equilibria in an intrinsic common agency screening game

2018 ◽  
Vol 13 (3) ◽  
pp. 1151-1189 ◽  
Author(s):  
David Martimort ◽  
Aggey Semenov ◽  
Lars A. Stole
Keyword(s):  
Complete Characterization ◽  
Common Agency

Retained Earnings, Interest Rates and Lending Relationship

2018 ◽  
Vol 19 (1) ◽  
Author(s):  
Ariadna Dumitrescu
Keyword(s):  
Moral Hazard ◽  
Interest Rates ◽  
Optimal Contract ◽  
Financial Contracting ◽  
Hazard Characterization ◽  
The Difference ◽  
Retained Earnings ◽  
Positive Effect

Abstract This paper provides a moral hazard characterization of the effects of lending relationship on cost of funds. I develop a model that studies the problem of financial contracting between a bank and an entrepreneur and isolates the effect of the lending relationship on the interest rates. The main result is that a bank-entrepreneur relationship has a positive effect on the interest rates, the optimal contract specifying a decreasing sequence of interest rates. The possibility of the entrepreneur to use partially his retained earnings improves the terms of the contract between entrepreneur and lender by reducing the difference between the two interest rates.

Characterization of a class of moral-hazard, adverse selection games

1996 ◽  
Vol 50 (3) ◽  
pp. 355-358
Author(s):  
Joshua Ronen ◽  
Varda Yaari
Keyword(s):  
Moral Hazard ◽  
Adverse Selection

scholarly journals A Note on Common Agency Models of Moral Hazard

2006 ◽  
Author(s):  
Andrea Attar ◽  
Gwenael Piaser ◽  
Nicolas Porteiro
Keyword(s):  
Moral Hazard ◽  
Common Agency ◽  
Agency Models

Morphological Characterization of Mycobacteriophage R1

1974 ◽  
Vol 32 ◽  
pp. 254-255
Author(s):  
B. L. Soloff ◽  
T. A. Rado
Keyword(s):  
Carbon Source ◽  
Stationary Phase ◽  
Growth Phase ◽  
Minimal Medium ◽  
Morphological Characterization ◽  
Logarithmic Growth Phase ◽  
Complete Lysis ◽  
Lysogenic Culture ◽  
Logarithmic Growth

Mycobacteriophage R1 was originally isolated from a lysogenic culture of M. butyricum. The virus was propagated on a leucine-requiring derivative of M. smegmatis, 607 leu−, isolated by nitrosoguanidine mutagenesis of typestrain ATCC 607. Growth was accomplished in a minimal medium containing glycerol and glucose as carbon source and enriched by the addition of 80 μg/ ml L-leucine. Bacteria in early logarithmic growth phase were infected with virus at a multiplicity of 5, and incubated with aeration for 8 hours. The partially lysed suspension was diluted 1:10 in growth medium and incubated for a further 8 hours. This permitted stationary phase cells to re-enter logarithmic growth and resulted in complete lysis of the culture.

Sign in / Sign up

Export Citation Format

Share Document