A labor market with targeted wage offers
We model a market for highly skilled workers, such as the academic job market. The outputs of ?rm-worker matches are heterogeneous and common knowledge. Wage setting is synchronous with search: ?rms simultaneously make one personalized offer each to the worker of their choice. With large frictions (delay costs), efficient coordination is not possible, but for small frictions efficient matching with Diamond-type monopsony wages is an equilibrium.
|Date of creation:||24 Jun 2011|
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- Fuhito Kojima, 2007. "Matching and Price Competition: Comment," American Economic Review, American Economic Association, vol. 97(3), pages 1027-1031, June.
- Konishi, Hideo & Sapozhnikov, Margarita, 2008.
"Decentralized matching markets with endogenous salaries,"
Games and Economic Behavior,
Elsevier, vol. 64(1), pages 193-218, September.
- Hideo Konishi & Margarita Sapozhnikov, 2006. "Decentralized Matching Markets with Endogenous Salaries," Boston College Working Papers in Economics 654, Boston College Department of Economics, revised 03 Jan 2008.
- Jonathan Levin & Jeremy Bulow, 2004.
"Matching and Price Competition,"
Econometric Society 2004 North American Winter Meetings
350, Econometric Society.
- McAfee, R Preston, 1993. "Mechanism Design by Competing Sellers," Econometrica, Econometric Society, vol. 61(6), pages 1281-1312, November.
- Diamond, Peter A., 1971. "A model of price adjustment," Journal of Economic Theory, Elsevier, vol. 3(2), pages 156-168, June.
- Peters, Michael, 1991. "Ex Ante Price Offers in Matching Games Non-steady States," Econometrica, Econometric Society, vol. 59(5), pages 1425-54, September.
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