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Efficiency of Simultaneous Search Author info | Abstract | Publisher info | Download info | Related research | Statistics Philipp Kircher () (Department of Economics, University of Pennsylvania)
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We analyze a labor search model in which workers choose their search intensity by deciding how often and where to apply for jobs. They observe firms’ wage postings prior to their decision. Due to coordination frictions a firm may not receive any applications; otherwise it is able to hire unless all its applicants have better offers. We show that in equilibrium the entry of firms, the search intensity and the number of filled vacancies are constrained efficient. Wage dispersion creates an (endogenous) safety net against unemployment that is essential for efficiency. As application costs vanish the equilibrium becomes unconstrained efficient.
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Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number
08-004.
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Length: 46 pages
Date of creation: 03 Jan 2008Date of revision:
Handle: RePEc:pen:papers:08-004Contact details of provider: Postal: 3718 Locust Walk, Philadelphia, PA 19104 Phone: 215-898-9992 Fax: 215-573-2378 Email: Web page: http://www.econ.upenn.edu/Centers/pier More information through EDIRC
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Keywords: simultaneous search directed search efficient wage dispersion modified Hosios condition search with stable matchings Other versions of this item:
Find related papers by JEL classification: J64 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Unemployment: Models, Duration, Incidence, and Job Search C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory D85 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Network Formation
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Aleksander Berentsen & Guido Menzio & Randall Wright, 2008.
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