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From 16th, Oxford Events will launch on a new website: events.ox.ac.uk, and event submissions will resume. You will need a Halo login to submit events. Full details are available on the Staff Gateway.
Agents about to engage in economic transactions may take costly actions to influence their own or others’ information: costly signaling, information acquisition, hard evidence disclosure, and so forth. We study the problem of optimally designing a mechanism to be robust to all such activities, here termed “information games.” The designer cares about welfare, and explicitly takes the costs incurred in information games into account. We adopt a simple bilateral trade model as a case study. Any trading mechanism is evaluated by the expected welfare, net of information game costs, that it guarantees in the worst case across all possible games. Dominant-strategy mechanisms are natural candidates for the optimum, since there is never any incentive to manipulate information. We find that for some parameter values, a dominant-strategy mechanism is indeed optimal; for others, the optimum is a non-dominant-strategy mechanism, in which one party chooses which of two trading prices to offer.
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