Optimal sequential delegation

• 成果类型: Article
• 署名作者: Kraehmer, Daniel; Kovac, Eugen
• 署名单位: University of Bonn; University of Duisburg Essen
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2016.03.009
• 发表日期: 2016
• 页码: 849-888
• 关键词: Optimal delegation; sequential screening; dynamic mechanism design; Non-transferable utility

摘要

The paper extends the optimal delegation framework to a dynamic environment where the agent initially has private information merely about the distribution of the state and learns the true state only as the relation proceeds. The principal may want to elicit the agent's initial information and offers a menu of delegation sets where the agent first chooses a delegation set and subsequently an action within this set. We characterize environments under which it is optimal and under which it is not optimal to elicit the agent's initial information and characterize optimal delegation menus. In the former case, delegation sets may be disconnected and may feature gaps. (C) 2016 Elsevier Inc. All rights reserved.