Robust predictions and hard information in the market for lemons
在一个简化的逆向选择模型中，研究发现硬信息（可验证的信息）能够促成交易，而软信息（不可验证的信息）下唯一的均衡结果是无人交易，说明硬信息对信息稳健预测至关重要。
The literature on informationally robust predictions has focused mostly on soft information. In a stylized adverse selection model, we show that hard information enables trade, even when the unique equilibrium outcome without it is no-trade. • We study a stylized adverse selection model à la Akerlof. • The seller obtains either soft or hard information about quality. • With soft information, no-trade is the unique equilibrium outcome. • However, with hard information, trade can occur in equilibrium. • Thus, hard information is crucial for informationally robust predictions.