English, Article edition: A Discrete-Time Stochastic Model of Job Matching Anthony E. Smith; Yves Zenou

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Physical Description
  • article
Language
  • English

Edition details

Title
  • A Discrete-Time Stochastic Model of Job Matching
Author
  • Anthony E. Smith
  • Yves Zenou
Physical Description
  • article
Notes
  • In this paper, an explicit micro scenario is developed which yields a well-defined aggregate job matching function. In particular, a stochastic model of job-matching behavior is constructed in which the system steady state is shown to be approximated by an exponential-type matching function, as the population becomes large. This steady-state approximation is first derived for fixed levels of both wages and search intensities, where it is shown (without using a free-entry condition) that there exists a unique equilibrium. It is then shown that if job searchers are allowed to choose their search intensities optimally, this model is again consistent with a unique steady state. Finally, the assumption of a fixed wage is relaxed, and an optimal 'offer wage' is derived for employers (Copyright: Elsevier)
  • discrete-time matching function, large population approximation, optimal search intensity, endogeneous wages.
  • RePEc:red:issued:v:6:y:2003:i:1:p:54-79
Language
  • English
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