Imperfect commitment and the revelation principle: The multi-agent case with transferable utility

Bester and Strausz [Bester, H., Strausz, R., 2001. Contracting with imperfect commitment and the revelation principle: the single agent case. Econometrica 69, 1077-1098] showed that the revelation principle is invalid in a multi-agent, no-commitment setting. We show that if transfers are possible it does apply in their setting unless at least two agents have private information.