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Information in Mechanism Design

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Abstract

We survey the recent literature on the role of information in mechanism design. First, we discuss an emerging literature on the role of endogenous payoff and strategic information for the design and the efficiency of the mechanism. We specifically consider information management in the form of acquisition of new information or disclosure of existing information. Second, we argue that in the presence of endogenous information, the robustness of the mechanism to the type space and higher order beliefs becomes a natural desideratum. We discuss recent approaches to robust mechanism design and robust implementation.

Suggested Citation

  • Dirk Bergemann & Juuso Valimaki, 2005. "Information in Mechanism Design," Cowles Foundation Discussion Papers 1532R, Cowles Foundation for Research in Economics, Yale University, revised Jan 2006.
    • Handle: RePEc:cwl:cwldpp:1532r
    Note: CFP 1208
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    File URL: https://cowles.yale.edu/sites/default/files/files/pub/d15/d1532-r.pdf
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    Keywords

    Mechanism Design; Information Acquisition; Ex Post Equilibrium; Robust Mechanism Design; Interdependent Values; Information Management;
    All these keywords.

    JEL classification:

    • C79 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Other
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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