EFFICIENCY OF WAGE BARGAINING WITH ON‐THE‐JOB SEARCH
研究了一类搜寻模型中失业者和在职者同时搜寻、可接触多家企业的情形，推导出平衡企业谈判力与相遇外部性的条件，确保工人流动和企业进入的效率。
Abstract This article studies efficiency in a general class of search models where both unemployed and employed workers search for better jobs and can meet multiple firms simultaneously. Employers can respond to outside offers and wages are a weighted average of the productivities of the current employer and a credible poaching firm. I derive a condition that balances firms' bargaining power and their meeting externality. This condition ensures efficiency of both worker turnover and firm entry. Finally, the efficiency condition unifies and extends many of the results on the efficiency of equilibrium search models.