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- W3125250744 abstract "When two agents with private information use a mechanism to determine an outcome, what happens when they are free to revise their messages and cannot commit to a mechanism? We study this problem by allowing agents to hold on to a proposed outcome in one mechanism while they play another mechanism and learn new information. A decision rule is posterior renegotiation-proof if it is posterior implementable and robust to a posterior proposal of any posterior implementable decision rule. We identify conditions under which such decision rules exist. We also show how the inability to commit to the mechanism constrains equilibrium: a posterior renegotiation-proof decision rule must be implemented with at most five messages for two agents." @default.
- W3125250744 created "2021-02-01" @default.
- W3125250744 creator A5005417954 @default.
- W3125250744 date "2011-01-01" @default.
- W3125250744 modified "2023-09-23" @default.
- W3125250744 title "Limited Commitment in Financial Markets: Is Market Transparency Feasible and Desirable?" @default.
- W3125250744 doi "https://doi.org/10.2139/ssrn.1927823" @default.
- W3125250744 hasPublicationYear "2011" @default.
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