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Equilibrium in Search Models with Adverse Selection

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Author Info

  • Albrecht, James W.

    (Georgetown University)

  • Vroman, Susan B.

    (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.

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File URL: http://www.ifn.se/wfiles/wp/wp268.pdf
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Bibliographic Info

Paper provided by Research Institute of Industrial Economics in its series Working Paper Series with number 268.

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Length: 17 pages
Date of creation: Nov 1990
Date of revision:
Handle: RePEc:hhs:iuiwop:0268

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Related research

Keywords: Nash equilibria; Informational asymmetry; Search model;

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  1. Axel, Bo, 1977. " Search Market Equilibrium," Scandinavian Journal of Economics, Wiley Blackwell, vol. 79(1), pages 20-40.
  2. Albrecht, James W & Jovanovic, Boyan, 1986. "The Efficiency of Search under Competition and Monopsony," Journal of Political Economy, University of Chicago Press, vol. 94(6), pages 1246-57, December.
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