This paper examines the problem of nonexistence of equilibrium in a simple search model with asymmetric information. A pure-strategy, symmetric Nash equilibrium fails to exist because adverse selection arising from steady-state considerations causes a nonconcavity in the payoff function.
Working Paper No. 268
Equilibrium in Search Models with Adverse Selection
Working Paper
Referens
Albrecht, James W. och Susan B. Vroman. (1990). ”Equilibrium in Search Models with Adverse Selection”. IFN Working Paper nr 268. Stockholm: Institutet för Näringslivsforskning.
Albrecht, James W. och Susan B. Vroman. (1990). ”Equilibrium in Search Models with Adverse Selection”. IFN Working Paper nr 268. Stockholm: Institutet för Näringslivsforskning.
Författare
James W. Albrecht, Susan B. Vroman.
