LABOR MARKET SEARCH AND SCHOOLING INVESTMENT
将搜寻匹配模型扩展至教育投资决策，发现搜寻摩擦和议价弱势导致教育投资不足，并评估最低工资和教育补贴对不同能力人群的福利影响。
We generalize a search, matching, and bargaining model to allow individuals to acquire productivity‐enhancing schooling prior to labor market entry. In general, search frictions and weakness in bargaining position contribute to underinvestment in schooling from an efficiency perspective. Using estimates of a general equilibrium version of the model in which firm vacancy creation decisions are included, we find that minimum wages and schooling subsidies improve aggregate welfare, but have very different welfare impacts across the ability distribution. In particular, policies that maximize the average welfare of workers have strongly negative effects on the welfare of the least able.