Honesty and Epistemological Implementation of Social Choice Functions with Asymmetric Information

Hitoshi Matsushima

No CARF-F-548, CARF F-Series from Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo

Abstract: We investigate the implementation of social choice functions with asymmetric information concerning the state from an epistemological perspective. Although agents are either selfish or honest, they do not expect other participants to be honest. However, an honest agent may exist not among participants but in their higher-order beliefs. We assume that “all agents are selfish†never happens to be common knowledge. We show a positive result in general asymmetric information environments, demonstrating that with a minor restriction on signal correlation called information diversity, any incentive-compatible social choice function, whether ethical or nonethical, is uniquely implementable in the Bayesian Nash equilibrium.

Pages: 29
Date: 2022-11
New Economics Papers: this item is included in nep-des, nep-gth and nep-mic
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Working Paper: Honesty and Epistemological Implementation of Social Choice Functions with Asymmetric Information (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:cfi:fseres:cf548

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