Contracting Sequentially with Multiple Lenders: The Role of Menus
研究了多个贷款人顺序向单一借款人提供融资时，若允许贷款人提供合同菜单，标准模型中仅提供单一合同的均衡结果将不再成立，挑战了多贷款人模型的传统做法。
Abstract We study a credit market in which multiple lenders sequentially offer financing to a single borrower under moral hazard. We show that restricting lenders to post single offers involves a loss of generality: none of the equilibrium outcomes arising in this scenario survives if lenders offer menus of contracts. This result challenges the approach followed in standard models of multiple lending. From a theoretical perspective, we offer new insights on equilibrium robustness in sequential common agency games.