Wage Determination and Efficiency in Search Equilibrium

作者：Peter Dia­mond · 发表于：The Review of Economic Studies · 年份：1982 · DOI：10.2307/2297271 · 被引用次数：896 · 研究领域：Economic theories and models、Consumer Market Behavior and Pricing、Game Theory and Voting Systems

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.