Endogenous mechanisms and Nash equilibrium in competitive contracting games (Q1039734)
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scientific article; zbMATH DE number 5637021
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| English | Endogenous mechanisms and Nash equilibrium in competitive contracting games |
scientific article; zbMATH DE number 5637021 |
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Endogenous mechanisms and Nash equilibrium in competitive contracting games (English)
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23 November 2009
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Consider a market game where firms compete using catalogs as strategies. When firms move sequentially in such a game, the resulting game is discontinuous, thus challenging the existence of Nash equilibrium. This paper gives sufficient conditions for the existence of Nash equilibrium in the catalog. Executive compensation contracts are given as an example of catalog strategy.
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common agency with adverse selection
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endogenous contracting mechanism
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discontinuous games
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catalog games
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existence of Nash equilibrium
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competitive contracting
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0.8768349289894104
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0.8270491361618042
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0.826560378074646
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0.7930114269256592
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0.7814139723777771
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