Wage Determination and Efficiency in Search Equilibrium
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ID: 301813
1982
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Abstract
Using a simple search technology and the Nash bargaining solution, the paper derives the steady state equilibrium negotiated wage as a function of the equilibrium unemployment and vacancy rates. For this wage, the lifetime expected present discounted value of earnings of a new worker is compared with the social marginal product of a new worker. These are not generally equal implying inefficient incentives for labour mobility.
| Reference Key |
openalex_W2035805224
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|---|---|
| Authors | Peter Diamond |
| Journal | The Review of Economic Studies |
| Year | 1982 |
| DOI |
10.2307/2297271
|
| URL | |
| Keywords | Keywords not found |
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