A Tale on Information and Wage Expectations
The process of wage expectations formation in different regional labor markets is considered. We argue that when information is scarce or ambiguous, cognitive dissonance phenomena may play a relevant role in shaping expectations. The theoretical discussion is supplemented with an empirical analysis carried out on individual data of Italian unemployed using semiparametric techniques. Results show a marked difference in expectations formation, with the northern unemployed using information more efficiently.
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