Ulric B. and Evelyn L. Bray Social Sciences Seminar
Abstract: In order to address Szentes' critique (Szentes (2009)), we study a common-agency-without-delegation model. We prove that the menu theorem in Peter (2001) holds only partially in our model under some particular information structure. We use examples to show that it fails generally. Finally, we prove a menu-of-menu-with-recommendation theorem in our model.
Written with Seungjin Han