Labor market equilibrium under nonsequential search |
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| Authors: | Louis L. Wilde |
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| Affiliation: | California Institute of Technology, Division of the Humanities and Social Sciences, Pasadena, California 91125 USA |
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| Abstract: | This study presents a full model of the labor market under imperfect information. Workers bear the burden of search and are assumed to use a stochastic variant of an optimal sample size search strategy. The existence and uniqueness of a nondegenerate equilibrium distribution of wage offers is established. Infficiencies which lead to underinvestment in search are uncovered and analyzed. |
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