remain our responsibility.

This paper studies a model where multiple principals repeatedly oer short-term con-tracts to three or more agents, each privately informed about her type. Agents observe contracts and actions, but principals observe agents ’ private messages only. We propose a simple class of mechanisms that is sucient to sustain all equilibrium allocations in the repeated game when discounting is low. An equivalence theorem shows how only direct mechansims may be used to compute a principal’s minmax value relative to arbitrarily general mechanisms. Endogenous monitoring by agents allows weaker notions of incentive compatibility than one-shot contracting, lowering players ’ mimnax values and supportin