James W. Albrecht
and Susan B. Vroman
James W. Albrecht: Georgetown University
Susan B. Vroman: Georgetown University
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.
17 pages, November 1990
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