First best implementation with costly information acquisition
We study mechanism design with flexible but costly information acquisition. There is a principal and four or more agents, sharing a common prior over the set of payoff-relevant states. The principal proposes a mechanism to the agents who can then acquire information about the state of the world by privately designing a signal device. As long as it is costless for each agent to acquire a signal that is independent from the state, we show that there exists a mechanism which allows the principal to implement any social choice rule at zero information acquisition cost to the agents.
Year of publication: |
2022
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Authors: | Larionov, Daniil ; Pham, Hien ; Yamashita, Takuro ; Zhu, Shuguang |
Publisher: |
Mannheim : ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung |
Saved in:
freely available
Series: | ZEW Discussion Papers ; 22-064 |
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Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Working Paper |
Language: | English |
Other identifiers: | 1830348868 [GVK] hdl:10419/268243 [Handle] RePEc:zbw:zewdip:22064 [RePEc] |
Source: |
Persistent link: https://www.econbiz.de/10013482875
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