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Homogenous Agent Wage-Posting Model with Wage Dispersion

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  • Steinbacher, Matej
  • Steinbacher, Matjaz
  • Steinbacher, Mitja

Abstract

In the paper we test a homogenous agent version of the Montgomery's (1991) non-cooperative wage posting model. The inclusion of intrinsic costs, related to the uncertainty when changing the alternative agents are already using, alters the outcome of the model in two respects: firstly, it significantly prolongs the convergence-time to the equilibrium, and, more importantly, it may lead to the wage dispersion, irrespective of equally-productive-agent proposition, something not present in the model of Montgomery.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 16114.

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Date of creation: Jul 2009
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Handle: RePEc:pra:mprapa:16114

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Keywords: Job-search model; wage posting; wage dispersion; numerical optimization;

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  1. Montgomery, James D, 1991. "Equilibrium Wage Dispersion and Interindustry Wage Differentials," The Quarterly Journal of Economics, MIT Press, vol. 106(1), pages 163-79, February.
  2. Hirshleifer, David, 2001. "Investor Psychology and Asset Pricing," MPRA Paper 5300, University Library of Munich, Germany.
  3. Burdett, Kenneth & Judd, Kenneth L, 1983. "Equilibrium Price Dispersion," Econometrica, Econometric Society, vol. 51(4), pages 955-69, July.
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