SEARCH INTENSITY, DIRECTED SEARCH, AND THE WAGE DISTRIBUTION
构建了一个搜索均衡模型，其中同质企业发布工资和职位空缺，同质失业工人投入成本进行求职，通过将搜索市场按工资水平连续分割，解释了非退化工资分布的存在及其形状特征。
Abstract: We propose a search equilibrium model in which homogenous …rms post wages along with a vacancy to attract job-seekers, while homogenous unemployed workers invest in costly job-seeking. The key innovation relies on the organization of the search market and the search behavior of the job-seekers. The search market is continuously segmented by wage level, individuals can spread their search investment over the di¤erent sub-markets, and search intensity has marginal decreasing returns on each sub-market. We show that there exists a non-degenerate equilibrium wage distribution. The density of this wage distribution is increasing at low wages, and decreasing at high wages. Under additional restrictions, it is hump-shaped, and it can be right-tailed. Our results are illustrated by an example originating a Beta wage distribution.