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Abstract

An extension of the traditional Roy model to incorporate the existence of search frictions is proposed. The efficiency of model is then tested under the existence of the standard Hosios condition. The results show that a new kind of externality which is related to the degree of job specialization arises and therefore Hosios condition fails to guarantee efficiency. Policies which subsidize employment and aim at job specialization of individuals, will equate the social with the private market outcome.

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Bibliographic Info

Article provided by Elsevier in its journal Economic Modelling.

Volume (Year): 28 (2011)
Issue (Month): 1-2 (January)
Pages: 229-238

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Handle: RePEc:eee:ecmode:v:28:y:2011:i:1-2:p:229-238

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Web page: http://www.elsevier.com/locate/inca/30411

Related research

Keywords: Efficiency Search Skills;

Other versions of this item:

Find related papers by JEL classification:

• J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
• J62 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Job, Occupational and Intergenerational Mobility; Promotion
• J64 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Unemployment: Models, Duration, Incidence, and Job Search

References

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11. Howitt, Peter & McAfee, R Preston, 1987. "Costly Search and Recruiting," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 28(1), pages 89-107, February.
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14. Pissarides, C A, 1984. "Efficient Job Rejection," Economic Journal, Royal Economic Society, vol. 94(376a), pages 97-108, Supplemen.
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Cited by:

1. Stilianos Alexiadis & Konstantinos Eleftheriou & Peter Nijkamp, 2011. "Labor Market Dynamics and Technology Adoption: Theory and Empirical Evidence," Tinbergen Institute Discussion Papers 11-163/3, Tinbergen Institute.

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