Silver Signals: Twenty-Five Years of Screening and Signaling

<!DOCTYPE html>     <html class='no-js' lang='en'> <head> <base target="_top" /> <meta charset='utf-8'> <meta content='IE=edge' http-equiv='X-UA-Compatible'> <title>Silver Signals: Twenty-Five Years of Screening and Signaling - American Economic Association</title> <meta content='width=device-width, initial-scale=1' name='viewport'> <meta name="format-detection" content="telephone=no"> <meta name="route" value="meta"> <meta name="csrf-param" content="_csrf"> <meta name="csrf-token" content="vOcjL7pNtWJFW8S5fJ9mxDOzzLrASvb4dUEWAdO6u53dt29E3AvlVnYvro0EyhSqAvr_9aw5z5U9K1hEvPPjpQ=="> <meta name="Secure-Key" content="cjNLdHVSbFFzemxsenJKbXNYc0prTk9OWVY0bTZsRGptV0FiVW40THl6ZC01dndvRFl8Z2VuZXJhbHxWM1pTY20xb1NUSTZGUlE4SkZnVFpSSWZKRUVuVUJ0NEdoTnFFVEloSFhFbUtSa2FQaGdPUVE9PQ=="> <meta name="jerTk" value=""> <script async src="https://www.googletagmanager.com/gtag/js?id=UA-38835597-1"></script> <meta name="description" content="Silver Signals: Twenty-Five Years of Screening and Signaling by John G. Riley. Published in volume 39, issue 2, pages 432-478 of Journal of Economic Literature, June 2001, Abstract: The theory of market signaling and screening is a cornerstone of the new economics of information. The last two and a..."> <meta name="keywords" content="Asymmetric and Private Information, Auctions, Game Theory and Bargaining Theory: General"> <meta name="citation_title" content="Silver Signals: Twenty-Five Years of Screening and Signaling"> <meta name="citation_publication_date" content="2001/06"> <meta name="citation_journal_title" content="Journal of Economic Literature"> <meta name="citation_issn" content="0022-0515"> <meta name="citation_volume" content="39"> <meta name="citation_issue" content="2"> <meta name="citation_firstpage" content="432"> <meta name="citation_lastpage" content="478"> <meta name="citation_doi" content="10.1257/jel.39.2.432"> <meta name="citation_pdf_url" content="https://www.aeaweb.org/articles/pdf/doi/10.1257/jel.39.2.432"> <meta name="twitter:card" content="summary"> <meta name="twitter:site" content="@aeajournals"> <meta name="twitter:title" content="Silver Signals: Twenty-Five Years of Screening and Signaling"> <meta name="twitter:description" content="(June 2001) - The theory of market signaling and screening is a cornerstone of the new economics of information. The last two and a half decades have not only witnessed a series of remarkable theoretical developments but also a wide range of applications. This essay examines the key theoretical issues and explores their use in three major fields: industrial organization, labor, and finance. Considerable emphasis is placed on attempts to test the theory in each of these fields. "> <meta name="twitter:image" content="https://www.aeaweb.org/journals/images/jel_2"> <meta name="citation_author" content="Riley, John G."> <meta name="citation_author_institution" content="UCLA"> <link href="/assets/c54f59c1/stylesheets/glyphicons-basic-v2.css" rel="stylesheet"> <link href="/assets/c54f59c1/stylesheets/AeaWebAsset-min.css" rel="stylesheet"> <link href="/assets/66e88848/themes/smoothness/jquery-ui.css" rel="stylesheet"> <link href="/assets/c54f59c1/stylesheets/glyphicons-halflings-v2.css" rel="stylesheet"> <link href="/assets/c54f59c1/stylesheets/print.css" rel="stylesheet" media="print"> <link href="/assets/c54f59c1/stylesheets/glyphicons.css" rel="stylesheet"> <script src="/assets/f6987dc7/jquery.min.js"></script> <script src="/assets/bac6c03d/yii.js"></script> <script src="/js/ajaxPostProcessor.js"></script> <script src="/js/articles.js"></script> <script src="/assets/c54f59c1/javascripts/vendor/modernizr.js"></script> <script src="//use.typekit.net/egr5vhm.js"></script> <script src="/assets/66e88848/jquery-ui.min.js"></script> <script src="/assets/c54f59c1/javascripts/AeaWebPluginAsset-min.js"></script> <script src="/assets/f01a1af3/js/SecureCsrfAsset-min.js"></script> <script src="/assets/43f4af05/js/QueClientAsset-min.js"></script> <script src="/assets/e26339b8/js/legal-cookie.js"></script> <script>$(document).ready(function() { window.keyAnltcs = keyAnalytics(); }); $(document).ready(function() { window.qClnt = new queClient({"token":"T0cxejFZY19DaVlpYThaRm1TRm1RS2xIM3hXQ1JRb1FucjAtb0RBMGY0T2ZKQzFPY0x8cXVldWVjbGllbnR8WWxoRmRtNDVTVGs5QnhWREgyTjhYbEkyS2lZR1ZSeEtHaE0zSENKMWVVRWJQaVJGSEg0NlNBPT0="}); }); (function(e){function t(t, n, r, o){"use strict"; function a(){for (var e, n = 0; u.length > n; n++)u[n].href && u[n].href.indexOf(t) > - 1 && (e = !0); e?i.media = r || "all":setTimeout(a)}var i = e.document.createElement("link"), c = n || e.document.getElementsByTagName("script")[0], u = e.document.styleSheets; return i.rel = "stylesheet", i.href = t, i.media = "only x", i.onload = o || function(){}, c.parentNode.insertBefore(i, c), a(), i}var n = function(r, o){"use strict"; if (r && 3 === r.length){var a = e.navigator, i = e.Image, c = !(!document.createElementNS || !document.createElementNS("http://www.w3.org/2000/svg", "svg").createSVGRect || !document.implementation.hasFeature("http://www.w3.org/TR/SVG11/feature#Image", "1.1") || e.opera && - 1 === a.userAgent.indexOf("Chrome") || - 1 !== a.userAgent.indexOf("Series40")), u = new i; u.onerror = function(){n.method = "png", t(r[2])}, u.onload = function(){var e = 1 === u.width && 1 === u.height, a = r[e && c?0:e?1:2]; n.method = e && c?"svg":e?"datapng":"png", n.href = a, t(a, null, null, o)}, u.src = "data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==", document.documentElement.className += " grunticon"}}; n.loadCSS = t, e.grunticon = n})(this);grunticon(["https://www.aeaweb.org/assets/c54f59c1/grunticon/icons.data.svg.css", "https://www.aeaweb.org/assets/c54f59c1/grunticon/icons.data.png.css", "/assets/grunticon/icons.fallback.css"], grunticon.svgLoadedCallback); try{Typekit.load();}catch(e){}</script></head> <body class="internal generic-journal"> <div class="cookie-legal-banner"> <div class="cookie-content"> <div class="cookie-text-wrapper"> <h5 style="font-weight: bold !important; text-transform: none !important; font-size: 16px !important;">This website uses cookies.</h5> <p class="cookie-text">By clicking the "Accept" button or continuing to browse our site, you agree to first-party and session-only cookies being stored on your device to enhance site navigation and analyze site performance and traffic. For more information on our use of cookies, please see our <a href="/privacypolicy">Privacy Policy</a>.</p> </div> <div class="cookie-button-wrapper"> <button class="button legal-cookie-accept-button">Accept</button> </div> </div> </div> <script> try{ $(document).ready(function() { try{ var lgCk = new LegalCookie(); }catch (e){}; }); }catch (e){}; </script>  <header class="site-header" role="banner"> <div class="container"> <h1 class="site-name"> <a href="/"><img alt="American Economic Association" src="/assets/c54f59c1/images/logo.svg"> </a> </h1> <div class="nav-wrapper"> <div class="mobile-navigation"> <button class="menu-trigger"> <span class="menu-icon"> <div class="top-left wing"></div> <div class="top-right wing"></div> <div class="middle wing"></div> <div class="bottom-left wing"></div> <div class="bottom-right wing"></div> </span> <span class="trigger-text"> Menu </span> </button> </div> <div class="navigation-container"> <nav class="navigation-group" role="navigation"> <form class="search mobile-search" role="search" action="/search"> <div class="search-wrapper"> <input checked="checked" placeholder="Search" type="search" name="q"> <input checked="checked" class="icon-search-0" type="submit" value="Search"> </div> </form> <ul class="primary-navigation"> <li> <a href="/journals">Journals</a> </li> <li> <a href="/conference">Annual Meeting</a> </li> <li> <a href="/joe">Careers</a> </li> <li> <a href="/resources">Resources</a> </li> <li> <a href="/econlit">EconLit</a> </li> <li> <a href="/about-aea/committees">Committees</a> </li> <li> <a href="/ethics">Ethics/Ombuds</a> </li> </ul> <span class="has-icon search-trigger-wrapper"> <a class="search-trigger icon-searchclose-sprite" href="#search"> </a> </span> <ul class="utility-navigation"> <li> <a href="/membership">Membership</a> </li> <li class="utility-about"> <a href="/about-aea">About AEA</a> </li> <li> <a href="/login/">Log In</a> </li> </ul> </nav> <script type="text/javascript"> function initLoggedinMenu(){ this.target = $(".utility-navigation"); this.menuItems = null; this.menuWrapper = null; this.init = function(){ this.getMenuItems(); this.renderMenu(); this.setEvents(); } this.hasMenuItems = function(){ if(this.menuItems !== null){ return true; } return false; } this.destroyMenuWrapper = function(){ if($("#loggedin-utility-menu-wrapper").length > 0){ $("#loggedin-utility-menu-wrapper").remove(); } } this.createMenuWrapper = function(){ this.destroyMenuWrapper(); $(this.target).append('<li id="loggedin-utility-menu-wrapper"></li>'); this.menuWrapper = $("#loggedin-utility-menu-wrapper"); return this.menuWrapper; } this.getMenuItems = function(){ var menuItems = null; if($(".utility-loggedin").length <= 0){ return; } if(this.menuItems !== null){ return; } menuItems = []; $(".utility-loggedin").each(function(){ menuItems.push($(this)); }); this.menuItems = menuItems; } this.setMenuItems = function(){ $(this.menuWrapper).html('<li id="loggedin-utility-button">Profile</li><div id="loggedin-utility-list"></div>'); for(var item in this.menuItems){ $(this.menuWrapper).find("#loggedin-utility-list").append('<li>'+this.menuItems[item].html()+'</li>'); } } this.renderMenu = function(){ if(!this.hasMenuItems()){ return; } this.createMenuWrapper(); this.setMenuItems(); } this.showHideList = function(){ var display = null; var target = $(this.menuWrapper).find("#loggedin-utility-list"); display = $(target).css("display"); if(display === "none"){ $(target).css("display","block"); this.positionList(); }else{ $(target).css("display","none"); } } this.positionList = function(){ var btnHeight = null; var button = $(this.menuWrapper).find("#loggedin-utility-button"); var list = $(this.menuWrapper).find("#loggedin-utility-list"); btnHeight = $(this.menuWrapper).outerHeight(true); $(list).css("top",(btnHeight - 2)+"px"); } this.setEvents = function(){ var _self = this; $(this.menuWrapper).find("#loggedin-utility-button").unbind(); $(this.menuWrapper).find("#loggedin-utility-button").bind("click",function(){ _self.showHideList(); }); } } logMenu = new initLoggedinMenu(); logMenu.init(); /*var _gaq = _gaq || []; _gaq.push(['_setAccount', 'UA-38835597-1']); _gaq.push(['_trackPageview']); (function() { var ga = document.createElement('script'); ga.type = 'text/javascript'; ga.async = true; ga.src = ('https:' == document.location.protocol ? 'https://ssl' : 'http://www') + '.google-analytics.com/ga.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(ga, s); })();*/ window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'UA-38835597-1'); </script> </div> </div> </div> <form class="search desktop-search" role="search" method="get" action="/search"> <div class="container"> <div class="search-wrapper"> <input placeholder="Search" type="search" name="q"> <input class="icon-search-0" type="submit" value="Search"> </div> </div> </form> </header> <div class="breadcrumbs-wrapper"><div class="container"><ol class="breadcrumbs"><li><a href="/">Home</a></li><li><a href="/journals">Journals</a></li><li><a href="/journals/jel">Journal of Economic Literature</a></li><li><a href="/issues/171#10.1257/jel.39.2.432">June 2001</a></li><li class="is-active">Silver Signals: Twenty-Five Years of Screening and Signaling</li></ol></div></div> <main class="main-content " role="main"><div class="container"><style> .hoverOverRide:hover{ text-decoration:none; } </style> <script type='text/javascript' src='/js/articlesTracking.js'></script> <section class="primary article-detail journal-article"> <div id="journal-header"> <a href="/journals/jel"><img id="cover" src="/assets/c54f59c1/images/jel-icon.svg"></a> <div> <a class="journal-title-url" href="/journals/jel"><h1 id="journal-title">Journal of Economic Literature</h1></a> <p id="journal-issn"> <span id="print">ISSN 0022-0515 (Print)</span> <span id="separator"> | </span> <span id="online">ISSN 2328-8175 (Online)</span> </p> </div> </div> <div id='tertiary-navigation'> <div class="nav-item"><label><span class='label-text'>About the <i>JEL</i></span><span class="chevron basics-v2 basics-221-chevron-down-v2"></span></label><div class="nav-item-list"><ul><li><a href="/journals/jel/editors">Editors</a></a></li><li><a href="/journals/jel/editorial-policy">Editorial Policy</a></a></li><li><a href="https://pubs.aeaweb.org/doi/pdfplus/10.1257/pandp.114.761" target="_blank">Annual Report of the Editor</a></a></li><li><a href="/journals/jel/research-highlights">Research Highlights</a></a></li><li><a href="/journals/jel/contact-jel">Contact Information</a></a></li></ul></div></div><div class="nav-item"><label><span class='label-text'>Articles and Issues</span><span class="chevron basics-v2 basics-221-chevron-down-v2"></span></label><div class="nav-item-list"><ul><li><a href="/journals/jel/current-issue">Current Issue</a></a></li><li><a href="/journals/jel/issues">All Issues</a></a></li><li><a href="/journals/jel/forthcoming">Forthcoming Articles</a></a></li></ul></div></div><div class="nav-item"><label><span class='label-text'>Information for Authors</span><span class="chevron basics-v2 basics-221-chevron-down-v2"></span></label><div class="nav-item-list"><ul><li><a href="/journals/jel/submissions">Guidelines for Proposals</a></a></li><li><a href="/journals/jel/accepted-article-guidelines">Accepted Article Guidelines</a></a></li><li><a href="/journals/jel/style-guide">Style Guide</a></a></li><li><a href="/journals/jel/new-books">Coverage of New Books</a></a></li></ul></div></div></div> <div id='tertiary-navigation-mobile'> <p><span class="menu-icon basics-v2 basics-600-menu-v2"></span>Menu</p> <div id="nav-list"> <div class="nav-item"><label><span class='label-text'>About the <i>JEL</i></span><span class="chevron basics-v2 basics-221-chevron-down-v2"></span></label><div class="nav-item-list"><ul><li><a href="/journals/jel/editors">Editors</a></a></li><li><a href="/journals/jel/editorial-policy">Editorial Policy</a></a></li><li><a href="https://pubs.aeaweb.org/doi/pdfplus/10.1257/pandp.114.761" target="_blank">Annual Report of the Editor</a></a></li><li><a href="/journals/jel/research-highlights">Research Highlights</a></a></li><li><a href="/journals/jel/contact-jel">Contact Information</a></a></li></ul></div></div><div class="nav-item"><label><span class='label-text'>Articles and Issues</span><span class="chevron basics-v2 basics-221-chevron-down-v2"></span></label><div class="nav-item-list"><ul><li><a href="/journals/jel/current-issue">Current Issue</a></a></li><li><a href="/journals/jel/issues">All Issues</a></a></li><li><a href="/journals/jel/forthcoming">Forthcoming Articles</a></a></li></ul></div></div><div class="nav-item"><label><span class='label-text'>Information for Authors</span><span class="chevron basics-v2 basics-221-chevron-down-v2"></span></label><div class="nav-item-list"><ul><li><a href="/journals/jel/submissions">Guidelines for Proposals</a></a></li><li><a href="/journals/jel/accepted-article-guidelines">Accepted Article Guidelines</a></a></li><li><a href="/journals/jel/style-guide">Style Guide</a></a></li><li><a href="/journals/jel/new-books">Coverage of New Books</a></a></li></ul></div></div> </div> </div> <h1 class="title">Silver Signals: Twenty-Five Years of Screening and Signaling</h1> <ul class="attribution"> <li class='author' style='margin-bottom:0.5em; '> John G. Riley </li> </ul> <div style='margin-top:25px;'> <div class='journal'>Journal of Economic Literature </div> <div class="journal"> vol. 39, no. 2, June 2001 </div> </div> <div class="pages">(pp. 432–478)</div> <section class='download'> <a class="button" href="/articles/pdf/doi/10.1257/jel.39.2.432"> Download Full Text PDF <br/> </a> </section> <div class="toggle-content-group"> <ul class="toggle"> <li> <a class="is-active" href="#article-information" style='text-decoration:none; cursor:default;'>Article Information</a> </li> </ul> <section class="article-information-group toggle-content is-visible" id="article-information"> <section class="article-information abstract"> <h4>Abstract</h4> The theory of market signaling and screening is a cornerstone of the new economics of information. The last two and a half decades have not only witnessed a series of remarkable theoretical developments but also a wide range of applications. This essay examines the key theoretical issues and explores their use in three major fields: industrial organization, labor, and finance. Considerable emphasis is placed on attempts to test the theory in each of these fields. </section> <section class="article-information citation"> <h4>Citation</h4> <cite> Riley, John, G. <span class="year">2001.</span> <span class="title">"Silver Signals: Twenty-Five Years of Screening and Signaling."</span> <span class="journal">Journal of Economic Literature</span>, <span class="vol"> 39 (2): 432–478<span class="pages">.</span> </span> <span class="doi">DOI: 10.1257/jel.39.2.432</span> </cite> <form class="citation-export"> <div class="select input "> <label> <label> <select id="export-dropdown" name="args[format]"> <option value="0">Choose Format:</option> <option value="bib">BibTeX</option> <option value="enw">EndNote</option> <option value="txt">Refer/BibIX</option> <option value="ris">RIS</option> <option value="tab">Tab-Delimited</option> </select> </label> </label> <input type='hidden' name='args[doi]' value='10.1257/jel.39.2.432'/> </div> <div id='previewCitationExport'></div> </form> </section> <section class='article-information jel-classification'> <h4>JEL Classification</h4> <ul class='jel-codes'> <li> <strong class='code'>D82</strong> Asymmetric and Private Information <li> <strong class='code'>D44</strong> Auctions <li> <strong class='code'>C70</strong> Game Theory and Bargaining Theory: General </li> </ul> </section> </section> <section class="full-text toggle-content" id="article-full-text"> </section> </div> </section> <aside class="secondary" role="complementary"> <nav class="secondary-navigation" role="navigation"> <h2><a href="/journals">Journals</a></h2><ul><li><div class="nav-divider"></div></li><li><a href="/journals/aer"><em>American Economic Review</em></a></li><li><a href="/journals/aeri"><em>AER: Insights</em></a></li><li><a href="/journals/app"><em>AEJ: Applied Economics</em></a></li><li><a href="/journals/pol"><em>AEJ: Economic Policy</em></a></li><li><a href="/journals/mac"><em>AEJ: Macroeconomics</em></a></li><li><a href="/journals/mic"><em>AEJ: Microeconomics</em></a></li><li class="is-active"><a href="/journals/jel"><em>Journal of Economic Literature</em></a></li><li><a href="/journals/jep"><em>Journal of Economic Perspectives</em></a></li><li><a href="/journals/pandp"><em>AEA Papers and Proceedings</em></a></li><li><div class="nav-divider"></div></li><li><a href="/journals/subscriptions">Subscriptions</a></li><li><a href="/journals/copyright">Copyright and Permissions</a></li><li><a href="/journals/policies">Policies</a></li><li><a href="/journals/data">Data and Code</a></li><li><a href="/journals/get-journal-alerts">Journal Alerts</a></li><li><a href="/research">Research Highlights</a></li><li><a href="/journals/subscriptions/backissues">Back Issues</a></li><li><a href="/journals/articles/sgml">Journal Metadata</a></li></ul> </nav> <section class="action-group"> </section> </aside> </div></main><footer class='site-footer'> <div class='container'> <nav class='navigation-group'> <ul> <li> <a href="/journals">Journals</a> </li> <li> <a href="/conference">Annual Meeting</a> </li> <li> <a href="/joe">Careers</a> </li> <li> <a href="/resources">Resources</a> </li> <li> <a href="/econlit">EconLit</a> </li> <li> <a href="/about-aea/committees">Committees</a> </li> <li> <a href="/membership">Membership</a> </li> <li> <a href="/about-aea">About AEA</a> </li> <li> <a href="/login/">Log In</a> </li> <li> <a class="contact-link" href="/contact">Contact the AEA</a> </li> </ul> </nav> <div class="social-legal"> <section class='legal'> <ul> <li class='footer-terms'><a href="/terms-of-service/site">Terms of Use</a></li> <li><a href="/privacypolicy">Privacy Policy</a></li> <li class='copyright'>Copyright 2024 American Economic Association. All rights reserved.</li> </ul> </section> <section class='social-media'> <a href="/social"> <h3 class='section-title'>Follow us:</h3> <div class="social-icons"> <img class="social-icon" src="/assets/c54f59c1/images/x-logo-black.png" /> <img class="social-icon" src="/assets/c54f59c1/images/bluesky_logo.svg" /> <img class="social-icon" src="/assets/c54f59c1/images/fb_icon.svg" /> </div> </a> </section> </div> </div> </footer></body><script>jQuery(function ($) { // *********************** // Desktop Nav // *********************** const navItem = $('.nav-item', '#tertiary-navigation'); // Handle open menu $(navItem).on('mouseenter', function() { const list = $(".nav-item-list", $(this)); let offset = $(this).height(); $(list).css('top', offset + "px"); const elHeight = $(list)[0].scrollHeight; $(list).animate({height: elHeight}, 200); }); // Handle close menu $(navItem).on('mouseleave', function() { const list = $(".nav-item-list", this); $(list).stop(true, true); $(list).animate({height: 0}, 100); }); function getElementRightEdge(element) { const pos = element.getBoundingClientRect(); return pos.left + element.offsetWidth; } function updateDropdownWidths() { const navbar = document.getElementById('tertiary-navigation'); const navbarRightEdge = getElementRightEdge(navbar); const submenus = navbar.children; for (let submenu of submenus) { const navitemList = submenu.querySelector('.nav-item-list'); if (navitemList) { navitemList.style.left = "0"; const navitemListRightEdge = getElementRightEdge(navitemList); const delta = navbarRightEdge - navitemListRightEdge; if (delta < 0) { navitemList.style.left = delta + "px"; } } } } $( window ).on('load', function() { updateDropdownWidths(); }); $(window).on('resize', function () { updateDropdownWidths(); }) // *********************** // Mobile Nav // *********************** const mobileNav = $('#tertiary-navigation-mobile'); const mobileNavItems = $('.nav-item', mobileNav); const trigger = $('p', mobileNav); // Handle menu open/close $(trigger).on('click', function() { if ($(mobileNav).hasClass('open')) { // Switch menu icon $('.menu-icon', mobileNav).removeClass('basics-599-menu-close-v2'); $('.menu-icon', mobileNav).addClass('basics-600-menu-v2'); // Animate menu closing $('#nav-list', mobileNav).animate({height: 0}, 100, function() { $(mobileNav).removeClass('open'); }); // Close all children $(mobileNavItems).removeClass('open'); $('ul', mobileNavItems).css('height', '0'); } else { $(mobileNav).addClass('open'); // Switch menu icon $('.menu-icon', mobileNav).removeClass('basics-600-menu-v2'); $('.menu-icon', mobileNav).addClass('basics-599-menu-close-v2'); // Animate menu closing const elHeight = $('#nav-list', mobileNav)[0].scrollHeight; $('#nav-list', mobileNav).animate({height: elHeight}, 200, function() { $('#nav-list', mobileNav).css('height', 'auto'); }); } }) // Handle submenu open/close $(mobileNavItems).on('click', function() { if ($(this).hasClass('open')) { $(this).removeClass('open'); $('ul', this).animate({height: 0}, 100); } else { $(this).addClass('open'); const elHeight = $('ul', this)[0].scrollHeight; $('ul', this).animate({height: elHeight}, 200, function() { $(this).css('height', 'auto'); }); } }) });</script></html>

CINXE.COM

Silver Signals: Twenty-Five Years of Screening and Signaling - American Economic Association