We consider a model where multiple principals repeatedly offer short-term contracts to three or more agents with private information. Under low discounting there exists a simple class of mechanisms that sustains all equilibrium allocations that could be generated by arbitrarily complex...

Our model considers a majority election between two candidates—an ideologue committed to a fixed policy and an idealist who implements the ex post choice of the majority. Voters are aware that their individual rankings of policies may change after the election according to common or...

This paper studies competition among multiple sellers in frictional markets. Ex-post equilibrium is tractable in terms of market information revelation. Applying the sufficient condition for equilibrium robustness (with respect to a seller's deviation to any arbitrary selling mechanism) to...

This paper shows that a competitive distribution of auctions (Peters, 1997) is robust to the possibility of a seller's deviation not only to a direct mechanism, but rather to any arbitrary mechanism. It characterizes equilibrium allocations that are not only robust but also independent of market...

This paper studies how implicit collusion may take place through simple non-exclusive contracting under adverse selection when multiple buyers (e.g., entrepreneurs with risky projects) non-exclusively contract with multiple firms (e.g., banks). It shows that any price schedule can be supported...

This paper develops a model in which competing governments offer financial incentives to induce individual firms to locate within their jurisdictions. Equilibrium is described under three specifications of the supplementary taxes. There is no misallocation of capital under two of these...