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Author: Antoine Faure-Grimaud
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Antoine Faure-Grimaud and Soenje Reiche
This paper shows that the inability of regulators to commit to long-term contracts is irrelevant when there is some competition between regulated firms and when firms' private information is correlated. This sharply cont...Read more...
Antoine Faure-Grimaud, Jean-Jacques Laffont and David Martimort
We propose a theory of supervision with endogenous transaction costs. A principal delegates part of his authority to a supervisor who can acquire soft information about an agent's productivity. If the supervisor were ris...Read more...