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Erscheinungsjahr: 
2017
Quellenangabe: 
[Journal:] Games [ISSN:] 2073-4336 [Volume:] 8 [Issue:] 1 [Publisher:] MDPI [Place:] Basel [Year:] 2017 [Pages:] 1-21
Verlag: 
MDPI, Basel
Zusammenfassung: 
Might the resource costliness of making signals credible be low or negligible? Using a job market as an example, we build a signaling model to determine the extent to which a transfer from an applicant might replace a resource cost as an equilibrium method of achieving signal credibility. Should a firm's announcement of hiring for an open position be believed, the firm has an incentive to use a properly-calibrated fee to implement a separating equilibrium. The result is robust to institutional changes, outside options, many firms or many applicants and applicant risk aversion, though a sufficiently risk-averse applicant who is sufficiently likely to be a high type may lead to a preference for a pooling equilibrium.
Schlagwörter: 
costly signaling
social cost of signaling
asymmetric information
separating equilibrium
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