Real-Time Search in the Laboratory and the Market

نویسندگان

  • CHRISTOPHER J. FLINN
  • ANDREW SCHOTTER
  • John Danforth
چکیده

While widely accepted models of labor market search imply a constant reservation wage policy, the empirical evidence strongly suggests that reservation wages decline in search duration. This paper reports the results of the rst realtime-search laboratory experiment. The controlled environment subjects face is stationary, and the payoff-maximizing reservation wage is constant. Nevertheless, subjects' reservation wages decline sharply over time. We investigate two hypotheses to explain this decline: 1. Searchers respond to the stock of accruing search costs. 2. Searchers experience non-stationary subjective costs of time spent searching. Our data support the latter hypothesis, and we substantiate this conclusion both experimentally and econometrically. JEL: C91, J64

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Agent-Based Modeling of Day-Ahead Real Time Pricing in a Pool-Based Electricity Market

In this paper, an agent-based structure of the electricity retail market is presented based on which day-ahead (DA) energy procurement for customers is modeled. Here, we focus on operation of only one Retail Energy Provider (REP) agent who purchases energy from DA pool-based wholesale market and offers DA real time tariffs to a group of its customers. As a model of customer response to the offe...

متن کامل

Measure of systemic risk in the interbank market in Iran by buffer capital and hyperlink-induced topic search algorithm

Considering that the interbank market is considered as a night market to provide short-term liquidity to banks, one of the most important risks in this market - due to the short-term nature of transactions in this market - is systemic risk. Exercising this risk cycle will have devastating effects on monetary policymakers, such as the 2007-2009 crisis.  In this study, first, the buffer capital ...

متن کامل

A harmony search-based approach for real-time volt & var control in distribution network by considering distributed generations units

In recent decade, development of telecommunications infrastructure has led to rapid exchange of data between the distribution network components and the control center in many developed countries. These changes, considering the numerous benefits of the Distributed Generators (DGs), have made more motivations for distribution companies to utilize these kinds of generators more than ever before. ...

متن کامل

Time-Varying Transmission Mechanism of Oil Shocks in the Global Crude oil Market: A TVP-VAR Approach

In this paper, we have utilized a time-varying parameter vector autoregressive model in order to examine the structural changes in the transmission mechanisms of oil price shocks in the global crude oil market over the period of 1985-2016. In this setting, the contemporaneous response of real oil price and crude oil production to flow oil supply shock, flow oil demand shock, and speculative dem...

متن کامل

A Tabu Search Based Solution Approach to the Competitive Multiple Allocation Hub Location Problem

The hub location problems (HLP) constitute an important class of facility location problems that have been addressed by numerous operations researchers in recent years. HLP is a strategic problem frequently encountered in designing logistics and transportation networks. Here, we address the competitive multiple allocation HLP in a duopoly market. It is assumed that an incumbent firm (the leader...

متن کامل

A Novel Charging Plan for PEVs Aggregator Based on Combined Market and Network Driven Approach

With the large-scale production of plug-in electric vehicles (PEVs), a new entity, the PEV fleet aggregator manages charging and discharging processes of the vehicles. The main objective of an individual aggregator in interaction with electricity markets is maximizing its profit. In this paper, the performance of this aggregator in day-ahead and real-time electricity markets, considering (a) cu...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

عنوان ژورنال:

دوره   شماره 

صفحات  -

تاریخ انتشار 2009