EFFICIENCY OF WAGE BARGAINING WITH ON-THE-JOB SEARCH

• 成果类型: Article
• 署名作者: Cai, Xiaoming
• 署名单位: Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12478
• 发表日期: 2020
• 页码: 1749-1775
• 关键词: dispersion; intensity; WORKER

摘要

This article studies efficiency in a general class of search models where both unemployed and employed workers search for better jobs and can meet multiple firms simultaneously. Employers can respond to outside offers and wages are a weighted average of the productivities of the current employer and a credible poaching firm. I derive a condition that balances firms' bargaining power and their meeting externality. This condition ensures efficiency of both worker turnover and firm entry. Finally, the efficiency condition unifies and extends many of the results on the efficiency of equilibrium search models.