Robust Implementation with Costly Information

• 成果类型: Article
• 署名作者: Pei, Harry; Strulovici, Bruno
• 署名单位: Northwestern University
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdae016
• 发表日期: 2024
• 页码: 476-505
• 关键词: Rationalizability; equilibrium

摘要

We construct mechanisms that can robustly implement any desired social choice function when (1) agents may incur a cost to learn the state of the world, (2) with small probability, agents' preferences can be arbitrarily different from some baseline known to the mechanism designer, and (3) the mechanism designer does not know agents' beliefs and higher-order beliefs about one another's preferences. The mechanisms we propose have a natural interpretation and do not require the mechanism designer to be able to verify the state ex post. We also establish impossibility results for stronger notions of robust implementation.