Working Paper Series
James W. Albrecht and Susan B. Vroman
Equilibrium in Search Models with Adverse Selection
Abstract: 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.
Keywords: Nash equilibria; Informational asymmetry; Search model; (follow links to similar papers)
JEL-Codes: D82; J64; (follow links to similar papers)
17 pages, November 1990
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