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1、Chapter6Search,Matching,andUnemployment6.1.IntroductionThischapterappliesdynamicprogrammingtoachoicebetweenonlytwoactions,toacceptorrejectatake-it-or-leave-itjoboffer.Anunemployedworkerfacesaprobabilitydistributionofwageoffersorjobcharacteristics,fromwhichalimitednu
2、mberofoffersaredrawneachperiod.Givenhisperceptionoftheprobabilitydistributionofoffers,theworkermustdeviseastrategyfordecidingwhentoacceptanoffer.Thetheoryofsearchisatoolforstudyingunemployment.Searchtheoryputsunemployedworkersinasettingwheresometimestheychoosetorejec
3、tavailableoffersandtoremainunemployednowbecausetheyprefertowaitforbetterofferslater.Weusethetheorytostudyhowworkersrespondtovariationsintherateofunemploymentcompensation,theperceivedriskinessofwagedistributions,theprobabilityofbeingfired,thequalityofinformationaboutj
4、obs,andthefrequencywithwhichthewagedistributioncanbesampled.Thischapterprovidesanintroductiontothetechniquesusedinthesearchliteratureandasamplingofsearchmodels.Thechapterstudiesideasintro-ducedintwoimportantpapersbyMcCall(1970)andJovanovic(1979a).Thesepapersdifferi
5、nthesearchtechnologieswithwhichtheyconfrontanunemployedworker.1WealsostudyarelatedmodelofoccupationalchoicebyNeal(1999).WehopetoconveysomeoftheexcitementthatRobertE.Lucas,Jr.(1987,p.57)expressedwhenhewrotethisabouttheMcCallsearchmodel:“Question-ingaMcCallworkerisl
6、ikehavingaconversationwithanout-of-workfriend:‘Maybeyouaresettingyoursightstoohigh’or‘Whydidyouquityouroldjobbeforeyouhadanewonelinedup?’Thisisrealsocialscience:anattemptto1Stigler’s(1961)importantearlypaperstudiedasearchtechnologydifferentfrombothMcCall’sandJovano
7、vic’s.InStigler’smodel,anunemployedworkerhastochooseinadvanceanumbernofofferstodraw,fromwhichhetakesthehighestwageoffer.Stigler’sformulationofthesearchproblemwasnotsequential.–159–160Search,Matching,andUnemploymentmodel,tounderstand,humanbehaviorbyvisualizingthesitu
8、ationspeoplefindthemselvesin,theoptionstheyfaceandtheprosandconsastheythemselvesseethem.”ThemodificationsofthebasicMcCallmodelbyJovanovic,Neal,andinthevar
