 Selecting a winner with external refereesFrancis Bloch, Bhaskar Dutta and Marcin Dziubiński Journal of Economic Theory, 2023, vol. 211, issue C Abstract: We consider a problem of mechanism design without money, where a planner selects a winner among a set of agents with binary types and receives outside signals (like the report of external referees). We show that there is a gap between the optimal Dominant Strategy Incentive Compatible (DSIC) mechanism and the optimal Bayesian Incentive Compatible (BIC) mechanism. In the optimal BIC mechanism, the planner can leverage the outside signal to elicit information about agents' types. BIC mechanisms are lexicographic mechanisms, where the planner first shortlists agents who receive high reports from the referees and then uses agents' reports to break ties among agents in the shortlist. We compare the “self-evaluation” mechanism with a “peer evaluation” mechanism where agents evaluate other agents, and show that for the same signal precision, the self- evaluation mechanism outperforms the peer evaluation mechanism. We show that optimal Ex Post Incentive Compatible (EPIC) mechanisms give the planner an intermediate value between the optimal DSIC and BIC mechanisms Keywords: Peer selection; Mechanism design without money; Bayesian incentive compatibility; Dominant strategy incentive compatibility; Ex post incentive compatibility (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:211:y:2023:i:c:s0022053123000832 DOI: 10.1016/j.jet.2023.105687 Access Statistics for this article Journal of Economic Theory is currently edited by A. Lizzeri and K. Shell More articles in Journal of Economic Theory from Elsevier |
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