PRODUCT MARKET AND THE SIZE–WAGE DIFFERENTIAL*
用定向搜索模型分析产品与劳动力市场，发现大厂对同质工人支付更高工资并获更高人均利润，规模工资差异随产品需求先增后减。
Using directed search to model the product market and the labor market, I show that large plants can pay higher wages to homogeneous workers and earn higher expected profit per worker than small plants, although plants are identical except size. A large plant charges a higher price for its product and compensates buyers with a higher service probability. To capture this size‐ related benefit, large plants try to become larger by recruiting at high wages. This size–wage differential survives labor market competition because a high wage is harder to get than a low wage. Moreover, the size–wage differential increases with the product demand when demand is initially low and falls when demand is already high.