Private disclosure with multiple agents

Shuguang Zhu

Journal of Economic Theory, 2023, vol. 212, issue C

Abstract: This study examines a mechanism design problem where the principal can affect the agents' knowledge of a payoff-relevant state, namely, the principal designs and commits to an information disclosure policy that generates agent-specific private signals, while the principal directly observes neither the state nor the signal profile. We solve this problem by constructing a novel class of disclosure policies that exhibit individually uninformative, aggregately revealing, and immune to unilateral misreporting properties and show that the principal achieves the same payoff as if she could directly observe the state and implement state-contingent allocation rules. Moreover, we prove that our disclosure policy is robust to information-sharing among a certain number of agents and remains optimal in various settings.

Keywords: Individually uninformative; Aggregately revealing; Information disclosure; Mechanism design (search for similar items in EconPapers)
JEL-codes: D82 D83 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:212:y:2023:i:c:s0022053123001011

DOI: 10.1016/j.jet.2023.105705

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