This paper studies the problem of information revelation in a multi-stage tournament where the agents’ effort in each stage gives rise to a stochastic performance signal privately observed by the principal. The principal controls the agents’ effort incentive through the use of a feedback...

This paper studies collusion in repeated auctions when bidders communicate prior to each stage auction. The paper presents a folk theorem for independent and correlated private signals and general interdependent values. Specifically, it identifies conditions under which an equilibrium collusion...