Adverse selection and unraveling in common-value labor markets
研究了企业在面试工人时拥有私人信息的情况下，面试决策公开与否如何影响市场结果，发现公开面试决策会导致严重逆向选择，使除最高排名企业外的所有企业被排除出招聘过程。
We investigate a common-value labor setting in which firms interview a worker prior to hiring. When firms have private information about the worker’s value and interview decisions are kept private, many firms may enter the market, interview, and hire with positive probability. When firms’ interview decisions are revealed, severe adverse selection arises. As a result, all firms except for the highest-ranked firm are excluded from the hiring process.