The Cost and Windfall of Manipulability
نویسندگان
چکیده
A mechanism is manipulable if it is in agents’ best interest to misrepresent their private information (lie) to the center. We provide the first formal treatment of the windfall of manipulability, the seemingly paradoxical quality by which the failure of any agent to play their best manipulation yields a strictly better result than an optimal truthful mechanism. We dub such mechanisms manipulation optimal. We prove that any manipulation-optimal mechanism can have at most one manipulable type per agent. We show the existence of manipulation-optimal multiagent mechanisms with the goal of social welfare maximization, but not in dominant strategies when agents are anonymous and the mechanism is symmetric, the most common setting. For this setting, we show the existence of manipulation-optimal mechanisms when the goal is affine welfare maximization.
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