Games Played through Agents
نویسندگان
چکیده
We introduce a game of complete information with multiple principals and multiple agents. Each agent makes a decision that can affect the payoffs of all principals. Each principal offers monetary transfers to each agent conditional on the action taken by the agent. We characterize pure-strategy equilibria and we provide conditions in terms of game balancedness for the existence of an equilibrium with an efficient outcome. Games played through agents display a type of strategic inefficiency which is absent when either there is a unique principal or there is a unique agent.
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