Scandinavian Working Papers in Economics

Working Paper Series,
Research Institute of Industrial Economics

No 268: Equilibrium in Search Models with Adverse Selection

James W. Albrecht and Susan B. Vroman
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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.

Keywords: Nash equilibria; Informational asymmetry; Search model

JEL-codes: D82; J64

17 pages, November 1990

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