高微文章job-market-signaling说课材料.pptx

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1、MichaelSPENCEJOBMARKETSIGNALINGAndrewMickaelSPENCE(Americaneconomist)BornNovember7,1943Montclair,NewJersey, USAFieldMicroeconomicsMarketanalysisUniversityHarvardUniversity (Ph.D.)UniversityofOxford (B.A.)PrincetonUniversity (B.A.)ContributionSignalingtheory

2、AwardsJohnBatesClarkMedal(1981)NobelMemorialPrizeinEconomics (2001)alongwithGeorgeA.AkerlofandJosephE.Stiglitz,fortheirmarketanalysesinsituationofasymmetryofinformationContent1.Introduction2.Hiringasaninvestmentunderuncertainty3.Applicantsignaling4.Informati

3、onalfeedbackanddefinitionofequilibrium5.Propertiesofinformationalequilibrium:anexample6.Informationalimpactofindices7.Conclusion1.IntroductionWhatisthepurposeofthisessay?analyzethephenomenaofsignalingwhichaffectthemarketoutlineamodelinwhichsignalingisimplicit

4、lydefinedDefinethepropertiesofthesignalingequilibria,theinteractionofpotentialsignalsandtheallocativeefficiencyofthemarketWhychoosingtheJobMarketexemple?«Thisessayisaboutmarketsinwhichsignalingtakesplaceandinwhichtheprimarysignalersarerelativelynumerousandint

5、hemarketsufficientlyinfrequentlythattheyarenotexpectedto(andthereforedonot)investinacquiringsignalingreputation»=>itcorrespondexactlytotheJobMarketsituationAlargenumberofpostulantWhicharesufficientlyinfrequentlyinthemarketsothattheyarenotexpectedtoinvestinacq

6、uiringsignalingreputation2.HiringasaninvestmentunderuncertaintyLet’sdefinethesituationintheJobMarketThehiringdecisionIdentifytheproductivecapabilitiesofanindividualAssociatealevelawagetothisexpectedcapabilitiesProblemUnknownbeforehiringEvenafter,itcantaketime

7、toevaluateHiringaspurchasingalotterySPENCEcomparehiringtoalotterywhere«theemployerpaysthecertainmonetaryequivalentofthelotterytotheindividualaswage»Employersareriskneutral=>Wage=individual'smarginalcontributiontothehiringorganization=>Uncertainty=>aplethoraof

8、personaldata=>assessmentofthelottery(expectedmarginalcontribution)SPENCEintroduceadistinctioninthekindofdataINDICESvs.SIGNALSIndicesarepersonalattributethatareimmutablyfixed,unalterableor