Equilibrium and Adverse Selection
研究逆向选择市场中的均衡性质，指出当质量分布服从标准分布时，市场存在唯一均衡，对理解柠檬市场问题有理论贡献。
The nature of equilibrium in markets with adverse selection evoked considerable interest following George Akerlof's seminal article on the market for lemons. Akerlof argued that markets with adverse selection may yield no equilibrium. Charles Wilson has subsequently argued that multiple equilibria may result. In this article it is shown that if the distribution of quality follows some standard distribution, then a unique equilibrium will result.