{"title":"论信息稳健最优机制的结构","authors":"Benjamin Brooks, Songzi Du","doi":"10.3982/ECTA20240","DOIUrl":null,"url":null,"abstract":"<div>\n <p>We study the design of optimal mechanisms when the designer is uncertain both about the form of information held by the agents and also about which equilibrium will be played. The <i>guarantee</i> of a mechanism is its worst performance across all information structures and equilibria. The <i>potential</i> of an information structure is its best performance across all mechanisms and equilibria. We formulate a pair of linear programs, one of which is a lower bound on the maximum guarantee across all mechanisms, and the other of which is an upper bound on the minimum potential across all information structures. In applications to public expenditure, bilateral trade, and optimal auctions, we use the bounding programs to characterize guarantee-maximizing mechanisms and potential-minimizing information structures and show that the max guarantee is equal to the min potential.</p>\n </div>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":"92 5","pages":"1391-1438"},"PeriodicalIF":6.6000,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.3982/ECTA20240","citationCount":"0","resultStr":"{\"title\":\"On the Structure of Informationally Robust Optimal Mechanisms\",\"authors\":\"Benjamin Brooks, Songzi Du\",\"doi\":\"10.3982/ECTA20240\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div>\\n <p>We study the design of optimal mechanisms when the designer is uncertain both about the form of information held by the agents and also about which equilibrium will be played. The <i>guarantee</i> of a mechanism is its worst performance across all information structures and equilibria. The <i>potential</i> of an information structure is its best performance across all mechanisms and equilibria. We formulate a pair of linear programs, one of which is a lower bound on the maximum guarantee across all mechanisms, and the other of which is an upper bound on the minimum potential across all information structures. In applications to public expenditure, bilateral trade, and optimal auctions, we use the bounding programs to characterize guarantee-maximizing mechanisms and potential-minimizing information structures and show that the max guarantee is equal to the min potential.</p>\\n </div>\",\"PeriodicalId\":50556,\"journal\":{\"name\":\"Econometrica\",\"volume\":\"92 5\",\"pages\":\"1391-1438\"},\"PeriodicalIF\":6.6000,\"publicationDate\":\"2024-09-27\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.3982/ECTA20240\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Econometrica\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.3982/ECTA20240\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Econometrica","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.3982/ECTA20240","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
On the Structure of Informationally Robust Optimal Mechanisms
We study the design of optimal mechanisms when the designer is uncertain both about the form of information held by the agents and also about which equilibrium will be played. The guarantee of a mechanism is its worst performance across all information structures and equilibria. The potential of an information structure is its best performance across all mechanisms and equilibria. We formulate a pair of linear programs, one of which is a lower bound on the maximum guarantee across all mechanisms, and the other of which is an upper bound on the minimum potential across all information structures. In applications to public expenditure, bilateral trade, and optimal auctions, we use the bounding programs to characterize guarantee-maximizing mechanisms and potential-minimizing information structures and show that the max guarantee is equal to the min potential.
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Econometrica publishes original articles in all branches of economics - theoretical and empirical, abstract and applied, providing wide-ranging coverage across the subject area. It promotes studies that aim at the unification of the theoretical-quantitative and the empirical-quantitative approach to economic problems and that are penetrated by constructive and rigorous thinking. It explores a unique range of topics each year - from the frontier of theoretical developments in many new and important areas, to research on current and applied economic problems, to methodologically innovative, theoretical and applied studies in econometrics.
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