23 Pages Posted: 13 Sep 2017 Last revised: 26 Apr 2018
Date Written: June 22, 2017
Agency may be exercised by different entities (e.g. individuals, firms, households). A given individual can form part of multiple agents (e.g. he may belong to a firm and a household). The set of agents that act in a given situation might not be common knowledge. We adapt the standard model of incomplete information to model such situations.
Keywords: agency, equilibrium, individualism, collectivism
JEL Classification: C73
Suggested Citation: Suggested Citation