First Best Implementation With Costly Information Acquisition
Referierte Fachzeitschrift // 2025We study mechanism design with flexible but costly information acquisition. There is a principal and four or more agents, sharing a common prior over a set of payoff-
relevant states. The principal proposes a mechanism to the agents who can then acquire information about the state 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, there exists a mechanism which allows the principal to implement any social choice rule at zero information acquisition cost to the agents.
Larionov, Daniil, Hien Pham, Takuro Yamashita und Shuguang Zhu (2025), First Best Implementation With Costly Information Acquisition, Journal of Economics & Management Strategy