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.