Job Search, Bargaining, and Wage Dynamics
构建并估计了一个包含在职搜寻的工资议价模型，将工资分解为通用人力资本、匹配特定资本和外部选择三个部分，发现外部选择价值提高使工资在头5年增长14%-16%。
This article constructs and estimates a model of wage bargaining with on-the-job search to explore three different components of wages: general human capital, match-specific capital, and outside options. As the workers find better job opportunities, the current employer has to compete with outside firms to retain them. This between-firm competition results in wage growth even when productivity remains the same. The model is estimated by a simulated minimum distance estimator and data from the 1979 National Longitudinal Study of Youth. The results indicate that the improved value of the outside option raises wages by 14%-16% in the first 5 years. (c) 2010 by The University of Chicago.