A labor market with targeted wage offers
We model a market for highly skilled workers, such as the academic job market. The outputs of firm-worker matches are heterogeneous and common knowledge. Wage setting is synchronous with search: firms 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:||21 Jun 2011|
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- Jeremy Bulow & Jonathan Levin, 2005.
"Matching and Price Competition,"
NBER Working Papers
11506, National Bureau of Economic Research, Inc.
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Boston College Working Papers in Economics
654, Boston College Department of Economics, revised 03 Jan 2008.
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- McAfee, R Preston, 1993. "Mechanism Design by Competing Sellers," Econometrica, Econometric Society, vol. 61(6), pages 1281-1312, November.
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