Job rationing, unemployment, and discouraged workers
Industrial Relations Section, Princeton University, 1982 - Business & Economics - 34 pages
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actual skills adverse selection bivariate lognormal categorical labor force chance of experiencing complementary slackness condition consuption critical level w/z critical skill level demand discouraged workers distribution efficiency units employed experiencing minimum-wage-induced unemployment finm firm's fractile fraction GEORGE CAVE hiring and firing human capital services imperfect information income effect increased Individual Behavior individual's job applicant job offers job rationing function job search labor force participation labor input labor market labor supply curve last section less skilled level of skill log w/z manhours marginal cost marginal utility maximization minimum wage law nonparticipants nonprice rationing perfect rationing physical capital population Pr(Hji Princeton University probability profit maximization pure queueing rate on huan reservation rental rates short-run uncovered sector unemployed units of labor universal minimum wage unskilled variable w/Hi wage law prevents wage was imposed weighted labor supply workers and firms Xi'B zero zLiHi