Adverse selection problems without the Spence–Mirrlees condition
نویسندگان
چکیده
منابع مشابه
Adverse selection problems without the Spence-Mirrlees condition
This paper studies a class of one-dimensional screening problems where the agent’s utility function does not satisfy the Spence-Mirrlees condition (SMC). The strength of the SMC for hidden information problems is to provide a full characterization of implementable contracts using only the local incentive compatibility (IC) constraints. These constraints are equivalent to the monotonicity of the...
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This article is devoted to adverse selection problems in which individual private information is a whole utility function and cannot be reduced to some nite-dimensional parameter. In this case, incentive compatibility conditions can be conveniently expressed using some abstract convexity notions arising in Mass Transfer Theory 8]. After this characterization is provided, an existence result of ...
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Screening models are used to analyze contracting in many subfields of economics like regulation, labor economics, monopoly pricing, taxation or finance. Most models assume single crossing. This simplifies the analysis as local incentive compatibility is in this case sufficient for global incentive compatibility. If single crossing is violated, global incentive compatibility constraints have to ...
متن کاملAdverse selection without single crossing: Monotone solutions
The single-crossing assumption simplifies the analysis of screening models as local incentive compatibility becomes sufficient for global incentive compatibility. If single crossing is violated, global incentive compatibility constraints have to be taken into account. This paper studies monotone solutions in a screening model that allows a one-time violation of single crossing. The results show...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2010
ISSN: 0022-0531
DOI: 10.1016/j.jet.2010.02.010