Advances in the Theory and Measurement of Unemployment by Yoram Weiss, Gideon Fishelson

By Yoram Weiss, Gideon Fishelson

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It is very difficult to determine how many equilibria there are since it is difficult to determine Fy(Y, Il) at points other than y = O. If there is only one equilibrium, then it will be stable. If there are more than one, then generically every other one will be stable. 13a) for some positive constant a. Then equilibria are stable if F(y, Il) intersects y from above. This occurs when (iJr/dm*)(dM/dy) < 1. 11. Waiting lists partially play the role of such a social planner in that they reduce the coordination problem.

For example, J(t,j) = (y,s) means that the strategy of a worker of type (t,j) is (y,s). Let F represent the space of all such functions. The worker type is his type prior to the test. We are now in a position to write the market values of the firms and the workers. 3) r and qUit) = qUlt,f,g) is the probability that a worker of type t has i successes (this probability is calculated, given the players strategies, according to Bayes' rule). The term V f [(t,j),x,g,f], the expected profit for the firm from meeting a worker of type (t,j), has no relevance for the firm's decision problem, because the firm cannot observe j.

Notice that, if it is always optimal for the worker to take the test, strategies {g*, f*} indeed form an equilibrium, since ovo(t, j) < l-oEvf for every (t, j), and the solution for the bargaining game is individually rational. 3 that it is always optimal to take the test. It remains, therefore, to show that the wage is decreasing in the number of failures. 2 Vo 45 is strictly decreasing in t. Proof We show first that Vo is decreasing in t. 1. For any u E U, Tnu converges to Vo uniformly as n _ 00.

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