Auctions with Dynamic Costly Information Acquisition

• 成果类型: Article
• 署名作者: Golrezaei, Negin; Nazerzadeh, Hamid
• 署名单位: University of Southern California
• 刊物名称: OPERATIONS RESEARCH
• ISSN/ISSBN: 0030-364X
• DOI: 10.1287/opre.2016.1558
• 发表日期: 2017
• 页码: 130-144
• 关键词: mechanism; disclosure; DESIGN; games

摘要

We study the mechanism design problem for a seller of an indivisible good in a setting where privately informed buyers can acquire additional information and refine their valuations for the good at a cost. For this setting, we propose optimal (revenue-maximizing) and efficient (welfare-maximizing) mechanisms that induce a right level of investment in information acquisition. We show that because information is costly, in the optimal and even the efficient mechanisms, not all buyers would obtain the additional information. In fact, these mechanisms incentivize buyers with higher initial valuations to acquire information.