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Signalling in a dynamic labor market

  • Noldecke,Georg
  • van Damme,Eric

    (University of Bonn)

This paper analyzes a multiperiod version of the Spence Job Market Signalling Model in which workers cannot commit to an education choice and firms make wage offers at any point in time. The dynamic competition combined with the incomplete information yield a multiplicity of sequential equilibria, including ones that sustain implicit collusion, even though the length of the game is finite. Emphasis is placed on equilibria that satisfy the "independence of never weak best response" criterion of Kohlberg and Mertens (1986). It is shown that in the limit, as the time between offers tends to zero, any such equilibrium results (in expectation) in the unique stable outcome of the static Spence model.

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Paper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 148.

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Date of creation: Oct 1988
Date of revision:
Handle: RePEc:bon:bonsfa:148
Contact details of provider: Postal:
Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany

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