A Contribution to the Empirics of Reservation Wages
利用新泽西州失业工人的高频纵向数据，发现保留工资在失业期间初始过高且下降过慢，表明许多工人持续误判前景或锚定于先前工资，并检验了工作接受与保留工资的关系。
This paper provides evidence on the behavior of reservation wages over the spell of unemployment, using high-frequency longitudinal data on unemployed workers in New Jersey. In comparison to a calibrated job search model, the reservation wage starts out too high and declines too slowly, on average, suggesting that many workers persistently misjudge their prospects or anchor their reservation wage on their previous wage. The longitudinal nature of the data also allows for testing the relationship between job acceptance and the reservation wage, where the reservation wage is measured from a previous interview to avoid bias due to cognitive dissonance.