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Bidding for Labour

Author

Listed:
  • Julien, B.
  • Kennes, J.
  • King, I.

Abstract

We present a competing-auction theory of the labour market, where job candidates auction their labor services to employers. An equilibrium matching function emerges which has many of the features commonly assumed, including constant returns to scale in large economies. The auction process also generates an equilibrium wage dispersion among homogeneous workers. We characterize thge expected rate of pure "coordination unemployment": unemployment that exists purely for coordination reasons.

Suggested Citation

  • Julien, B. & Kennes, J. & King, I., 1998. "Bidding for Labour," Discussion Papers dp98-03, Department of Economics, Simon Fraser University.
    • Handle: RePEc:sfu:sfudps:dp98-03
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    Keywords

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    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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