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An Econometric Analysis of Reservation Wages

An econometric analysis of reservation wages

descriptionPublicationkeyboard_double_arrow_right Article 01 Nov 1983Publisher:JSTORJournal:Econometrica, volume 51, page 1,661 (issn: 0012-9682,

Authors: Lancaster, Tony; Chesher, Andrew;

doi: 10.2307/1912111

An Econometric Analysis of Reservation Wages

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Abstract

This paper describes an analysis of survey data on unemployed people who reported their asking wage and the wage they expected to earn. We show that if agents' behavior is described by the standard optimal job search model, one can use these data to deduce structural parameters rather than estimate them, and we report our deductions from two surveys^1 of British unemployed people.

Keywords

Mathematical economics, optimal job search, surveys of unemployed people, Applications of statistics to economics, reservation wages

Impact byBIP!

	citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	152
	popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.	Top 10%
	influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	Top 1%
	impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.	Top 10%