Do High-Wage Jobs Attract More Applicants? Directed Search Evidence from the Online Labor Market
利用在线招聘数据，研究发现高薪广告吸引更多求职者，且隐性工资也有类似但较弱的效应，忽略隐性工资可能导致估计偏差。
Labor markets become more efficient in theory if jobseekers direct their search. Using online job board data, we show that high-wage ads attract more applicants as in directed search models. Due to distinctive data features, we also estimate significant but milder directed search for hidden (or implicit) wages, suggesting that ad texts and requirements tacitly convey wage information. Since explicit-wage ads often target unskilled workers, other estimates in the literature ignoring hidden-wage ads may suffer from selection bias. Moreover, job ad requirements are aligned with their applicants' traits, as predicted in directed search models with heterogeneity.