Wage Determination and Efficiency in Search Equilibrium
利用搜索技术和纳什谈判解推导稳态均衡工资，发现工人终身收入与社会边际产出不等，导致劳动力流动激励无效率。
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.