{"title":"配置信息设计,验证成本高","authors":"Yi-Chun Chen, Gaoji Hu, Xiangqian Yang","doi":"10.1111/iere.12754","DOIUrl":null,"url":null,"abstract":"<p>We study information design in a single-agent allocation problem with costly verification, where the principal has a positive reservation value. The agent learns privately a signal about the principal's allocation value, drawn from a distribution controlled by an information designer. Given the signal distribution, the principal designs a mechanism to maximize her net value. We show that the agent-optimal information pools high values at a signal just worth verification, whereas the principal-optimal information features full disclosure. Moreover, any agent-optimal information is principal-worst, despite their partially aligned interests and the absence of transfers.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"66 3","pages":"1267-1285"},"PeriodicalIF":1.3000,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"INFORMATION DESIGN IN ALLOCATION WITH COSTLY VERIFICATION\",\"authors\":\"Yi-Chun Chen, Gaoji Hu, Xiangqian Yang\",\"doi\":\"10.1111/iere.12754\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>We study information design in a single-agent allocation problem with costly verification, where the principal has a positive reservation value. The agent learns privately a signal about the principal's allocation value, drawn from a distribution controlled by an information designer. Given the signal distribution, the principal designs a mechanism to maximize her net value. We show that the agent-optimal information pools high values at a signal just worth verification, whereas the principal-optimal information features full disclosure. Moreover, any agent-optimal information is principal-worst, despite their partially aligned interests and the absence of transfers.</p>\",\"PeriodicalId\":48302,\"journal\":{\"name\":\"International Economic Review\",\"volume\":\"66 3\",\"pages\":\"1267-1285\"},\"PeriodicalIF\":1.3000,\"publicationDate\":\"2025-01-22\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Economic Review\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/iere.12754\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Economic Review","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/iere.12754","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
INFORMATION DESIGN IN ALLOCATION WITH COSTLY VERIFICATION
We study information design in a single-agent allocation problem with costly verification, where the principal has a positive reservation value. The agent learns privately a signal about the principal's allocation value, drawn from a distribution controlled by an information designer. Given the signal distribution, the principal designs a mechanism to maximize her net value. We show that the agent-optimal information pools high values at a signal just worth verification, whereas the principal-optimal information features full disclosure. Moreover, any agent-optimal information is principal-worst, despite their partially aligned interests and the absence of transfers.
期刊介绍:
The International Economic Review was established in 1960 to provide a forum for modern quantitative economics. From its inception, the journal has tried to stimulate economic research around the world by publishing cutting edge papers in many areas of economics, including econometrics, economic theory, macro, and applied economics.