Non-Existence of Single-Wage Equilibria in Search Models with Adverse Selection

James Albrecht and Susan Vroman

The Review of Economic Studies, 1992, vol. 59, issue 3, 617-624

Abstract: This paper examines the problem of non-existence of a single-wage 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 non-concavity in the payoff function.

Date: 1992
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