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Multidimensional Screening (Paperback, Softcover reprint of hardcover 1st ed. 2005)
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Multidimensional Screening (Paperback, Softcover reprint of hardcover 1st ed. 2005)
Series: Studies in Economic Theory, 22
Expected to ship within 10 - 15 working days
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In many industries the tariffs are not strictly proportional to the
quantity purchased, i. e, they are nonlinear. Examples of nonlinear
tariffs include railroad and electricity schedules and rental rates
for durable goods and space. The major justification for the
nonlinear pricing is the existence of private information on the
side of consumers. In the early papers on the subject, private
information was captured either by assuming a finite number of
types (e. g. Adams and Yellen, 1976) or by a unidimensional
continuum of types (Mussa and Rosen, 1978). Economics of the
unidimen sional problems is by now well understood. The
unidimensional models, however, do not cover all the situations of
practical interest. Indeed, often the nonlinear tariffs specify the
payment as a function of a variety of characteristics. For example,
railroad tariffs spec ify charges based on weight, volume, and
distance of each shipment. Dif ferent customers may value each of
these characteristics differently, hence the customer's type will
not in general be captured by a unidimensional characteristic and a
problem of multidimensional screening arises. In such models the
consumer's private information (her type) is captured by an
m-dimensional vector, while the good produced by the monopolist has
n quality dimensions."
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