This paper analyzes technology choices and unemployment in search equilibrium. In contrast to standard search models, the presence of technology choices makes the decentralized equilibrium inefficient; there is too little investment in skills, too little job creation and there can be multiple equilibria. The paper also shows that technological progress is likely to be slower in labor markets where job tenure is low.
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Paper provided by Massachusetts Institute of Technology (MIT), Department of Economics in its series Working papers with number
96-26.
Length: 11 pages Date of creation: 1996 Date of revision: Handle: RePEc:mit:worpap:96-26
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Find related papers by JEL classification: O33 - Economic Development, Technological Change, and Growth - - Technological Change - - - Technological Change: Choices and Consequences; Diffusion Processes J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand J64 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Unemployment: Models, Duration, Incidence, and Job Search
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