2005 | OriginalPaper | Buchkapitel
Signaling in markets with two-sided adverse selection
verfasst von : Douglas Gale
Erschienen in: Differential Information Economies
Verlag: Springer Berlin Heidelberg
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The paper analyzes an economy with two-sided adverse selection, focusing on equilibria that satisfy a refinement based on the notion of strategic stability. In the familiar case of one-sided adverse selection, agents reveal all of their private information as long as the contract space is rich enough. However, with twosided adverse selection, the sufficient conditions for separation are much stronger.