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Raids and Imitation

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Author Info
Edward P. Lazear

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Abstract

Many job changes occur without intervening spells of unemployment.A model is constructed in an attempt to understand this phenomenon. It implies that the best workers are hired away first because, with imperfect information, prices do not fully adjust for quality. Thus, there develops stigma associated with failing to receive outside offers. The force of the stigma,which affects wages, depends upon the likelihood of discovering a worker's ability, the size of the market, and the speed of diffusion of information. In some occupations, it implies that there quickly develop pronounced differ-ences in the treatment of raided and unraided workers. A consequenceis a theory of occupational wage dispersion. The Peter Principle-â€â€that workers are promoted to a level of incompetence-is a direct implication.The model can be applied to product markets as well to explain the relationship between price and time on the shelf.

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Publisher Info
Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1158.

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Date of creation: Jun 1983
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Publication status: published as "Raids and OFfer Matching" Research in Labor Economics, Vol. 8 part A Pages 141-165, 1986, ed. Ron Ehrenberg Greenwich, CT: JAI Press
Handle: RePEc:nbr:nberwo:1158

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Ann P. Bartel & George J. Borjas, 1982. "Wage Growth and Job Turnover: An Empirical Analysis," NBER Working Papers 0285, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Grossman, Sanford J & Stiglitz, Joseph E, 1976. "Information and Competitive Price Systems," American Economic Review, American Economic Association, vol. 66(2), pages 246-53, May.
  3. Dennis W. Carlton, 1982. "Planning and Market Structure," NBER Working Papers 0425, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Edward P. Lazear & Sherwin Rosen, 1981. "Rank-Order Tournaments as Optimum Labor Contracts," NBER Working Papers 0401, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Richard B. Freeman & David A. Wise, 1982. "The Youth Labor Market Problem: Its Nature, Causes, and Consequences," NBER Reprints 0308, National Bureau of Economic Research, Inc.
  6. Harris Milton & Townsend, Robert M, 1981. "Resource Allocation under Asymmetric Information," Econometrica, Econometric Society, vol. 49(1), pages 33-64, January. [Downloadable!] (restricted)
  7. Riley, John G & Samuelson, William F, 1981. "Optimal Auctions," American Economic Review, American Economic Association, vol. 71(3), pages 381-92, June. [Downloadable!] (restricted)
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  8. Lester G. Telser, 1982. "A Theory of Innovation and Its Effects," Bell Journal of Economics, The RAND Corporation, vol. 13(1), pages 69-92, Spring. [Downloadable!] (restricted)
  9. Flinn, Christopher J & Heckman, James J, 1983. "Are Unemployment and Out of the Labor Force Behaviorally Distinct Labor Force States?," Journal of Labor Economics, University of Chicago Press, vol. 1(1), pages 28-42, January. [Downloadable!] (restricted)
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  10. Wilson, Robert, 1977. "A Bidding Model of Perfect Competition," Review of Economic Studies, Blackwell Publishing, vol. 44(3), pages 511-18, October. [Downloadable!] (restricted)
  11. Spence, Michael, 1984. "Cost Reduction, Competition, and Industry Performance," Econometrica, Econometric Society, vol. 52(1), pages 101-21, January. [Downloadable!] (restricted)
  12. Bartel, Ann P, 1980. "Earnings Growth on the Job and between Jobs," Economic Inquiry, Oxford University Press, vol. 18(1), pages 123-37, January.
  13. Lazear, Edward P, 1979. "Why Is There Mandatory Retirement?," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1261-84, December. [Downloadable!] (restricted)
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  14. Fudenberg, Drew & Tirole, Jean, 1983. "Sequential Bargaining with Incomplete Information," Review of Economic Studies, Blackwell Publishing, vol. 50(2), pages 221-47, April. [Downloadable!] (restricted)
  15. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, vol. 50(5), pages 1089-1122, September. [Downloadable!] (restricted)
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  16. Dale T. Mortensen, 1978. "Specific Capital and Labor Turnover," Bell Journal of Economics, The RAND Corporation, vol. 9(2), pages 572-586, Autumn. [Downloadable!] (restricted)
  17. Kim B. Clark & Lawrence H. Summers, 1982. "The Dynamics of Youth Unemployment," NBER Working Papers 0274, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Elazar Berkovitch, 1985. "Implicit Labor Contracts to Explain Turnover," Discussion Papers 662, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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