Replication data for: Real-Time Search in the Laboratory and the Market
Principal Investigator(s): View help for Principal Investigator(s) Meta Brown; Christopher J. Flinn; Andrew Schotter
Version: View help for Version V1
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Project Citation:
Brown, Meta, Flinn, Christopher J., and Schotter, Andrew. Replication data for: Real-Time Search in the Laboratory and the Market. Nashville, TN: American Economic Association [publisher], 2011. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112417V1
Project Description
Summary:
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While widely accepted labor market search models imply a constant reservation wage policy, empirical evidence strongly suggests that reservation wages decline in search duration. This paper reports the results of the first real-time-search laboratory experiment. The controlled environment subjects face is stationary, and the payoff-maximizing reservation wage is constant. Nevertheless, subjects' reservation wages decline sharply over time. We investigate two hypotheses to explain this decline: 1. Searchers respond to the stock of accruing search costs. 2. Searchers experience non-stationary subjective costs of time spent searching. Our data support the latter hypothesis, and we substantiate this conclusion both experimentally and econometrically. (JEL C91, D83, J64)
Scope of Project
JEL Classification:
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C91 Design of Experiments: Laboratory, Individual
D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
J64 Unemployment: Models, Duration, Incidence, and Job Search
C91 Design of Experiments: Laboratory, Individual
D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
J64 Unemployment: Models, Duration, Incidence, and Job Search
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