Adverse and Advantageous Selection in the Laboratory
研究两人博弈中单边信息不对称如何导致逆向或正向选择，发现被试会考虑内生选择效应，且对逆向选择的反应强于正向选择，部分被试虽理解选择效应却未应用。
We study two-player games where one-sided asymmetric information can lead to either adverse or advantageous selection. We contrast behavior in these games with settings where both players are uninformed. We find stark differences, suggesting that subjects do account for endogenous selection effects. Removing strategic uncertainty increases the fraction of subjects who account for selection. Subjects respond more to adverse than advantageous selection. Using additional treatments where we vary payoff feedback, we connect this difference to learning. We also observe a significant fraction of subjects who appear to understand selection effects but do not apply that knowledge.