Homogenous Agent Wage-Posting Model with Wage Dispersion

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Homogenous Agent Wage-Posting Model with Wage Dispersion

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Steinbacher, Matej
Steinbacher, Matjaz
Steinbacher, Mitja

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Matjaz Steinbacher

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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Find related papers by JEL classification:
J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Statistical Simulation Methods
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

This paper has been announced in the following NEP Reports:

NEP-ALL-2009-07-11 (All new papers)
NEP-BEC-2009-07-11 (Business Economics)
NEP-LAB-2009-07-11 (Labour Economics)

References listed on IDEAS
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Burdett, Kenneth & Judd, Kenneth L, 1983. "Equilibrium Price Dispersion," Econometrica, Econometric Society, vol. 51(4), pages 955-69, July. [Downloadable!] (restricted)
David Hirshleifer, 2001. "Investor Psychology and Asset Pricing," Journal of Finance, American Finance Association, vol. 56(4), pages 1533-1597, 08. [Downloadable!] (restricted)
Other versions:
- Hirshleifer, David, 2001. "Investor Psychology and Asset Pricing," MPRA Paper 5300, University Library of Munich, Germany. [Downloadable!]
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. [Downloadable!] (restricted)

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