Incomplete Wage Posting

@article{Michelacci2002IncompleteWP,
  title={Incomplete Wage Posting},
  author={Claudio Michelacci and J. Su{\'a}rez},
  journal={Macroeconomics eJournal},
  year={2002}
}
We consider a directed search model in which workers differ in productivity. Productivity becomes observable to firms after assessing their workers on the job, but it is not verifiable. Firms with vacancies choose between posting a noncontingent wage and leaving wages subject to bargaining with the worker. Under wage bargaining, firms cannot optimize the trade-off between paying higher wages and having a larger probability of filling vacancies. But wage bargaining makes wages increasing in… Expand
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