Optimal job search in a changing world
نویسنده
چکیده
This paper studies a job search model. Wage offers arrive in a Poisson fashion from a known distribution. Absent the option to quit, or in a stationary world, it is well-known that the reservation wage for an impatient worker is the flow return on the asset ‘being unemployed’. I assume: (1) the worker may hold a job at his leisure, quitting at will; and (2) the wage distribution evolves deterministically. I show that the reservation wage is the flow return on the ‘unemployment asset’ with an option to renew at the same rate. I consider the effect of this renewal option, and investigate the continuity properties of the reservation wage. 1999 Elsevier Science B.V. All rights reserved.
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