A note on waiting
AbstractWhen students apply to universities or unemployed workers search in the labor market, an increase of time input of one person (resulting in more applications) will increase the waiting time of the others. In this paper it will be show that in a decentralized market there will be excessive congestion Moreover, congestion increases with both the mean and the variance of the net benefits associated with waiting across the population.
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Bibliographic InfoPaper provided by VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics in its series Serie Research Memoranda with number 0037.
Date of creation: 1997
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Find related papers by JEL classification:
- J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply
- J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
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- Caballero, R.J., 1990.
"A Fallacy Of Composition,"
1990_01, Columbia University, Department of Economics.
- Diamond, Peter A, 1982. "Wage Determination and Efficiency in Search Equilibrium," Review of Economic Studies, Wiley Blackwell, vol. 49(2), pages 217-27, April.
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- George A. Akerlof & Andrew K. Rose & Janet L. Yellen, 1990.
"Waiting for work,"
Federal Reserve Bank of San Francisco, issue Nov.
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