• 1 Introduction
  • 2 Related literature
  • 2.1 Asymmetric information and adverse selection
  • 2.2 Adverse selection in slave markets
  • 3 Theoretical analysis
  • 3.1 An auction model with an informed bidder
  • 3.2 A Monte-Carlo Experiment
  • 4 Empirical analysis
  • 4.1 Data
  • 4.2 Methodology
  • 4.3 Results
  • 4.4 From information asymmetry to adverse selection
  • 5 Robustness checks
  • 6 Conclusion
  • References
  • Appendix