Asymmetric information and adverse selection
This paper develops a framework for the analysis of how asymmetric information impacts on adverse selection and market efficiency. We adopt Akerlof's (1970) unit-demand model extended to a setting with multidimensional public and private information. Adverse selection and efficiency are defin...
| Main Authors: | , , |
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| Format: | Working paper |
| Published: |
University of Oxford
2014
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