Non-Existence of Single-Wage Equilibria in Search Models with Adverse Selection
研究一个简单的搜索模型，发现由于稳态逆向选择导致收益函数非凹，纯策略对称纳什均衡不存在。
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.