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Titel
On-the-Job search and optimal schooling under uncertainty and irreversibility / Anna Zaharieva
VerfasserZaharieva, Anna
ErschienenBielefeld, Germany : Universität Bielefeld, Faculty of Business Administration and Economics, September 2013
Ausgabe
Elektronische Ressource
Umfang1 Online-Ressource (29 Seiten) : Diagramme
SerieWorking papers in economics and management ; No. 19-2013
SchlagwörterStellensuche / Arbeitsprozess / Arbeitsmarkt / Schulabschluss
URNurn:nbn:de:hbz:6:2-128125 
DOI10.4119/unibi/2915428 
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On-the-Job search and optimal schooling under uncertainty and irreversibility [0.71 mb]
Zusammenfassung

This paper develops a labour market model with on-the-job search, match-specific pro- ductivity draws and an endogenous irreversible schooling decision. The choice of schooling is modeled as an optimal stopping problem which gives rise to the equilibrium heterogeneity of workers with respect to the formal education. The optimal schooling decision is charac- terized by the reservation productivity of students which is a monotonic function of time. Moreover, this reservation productivity is lower in expansions when job-to-job mobility is more intensive. Therefore, the model is compatible with the empirical evidence that expan- sions have a positive effect on the probability of a school dropout. The schooling density is downward-sloping and the equilibrium wage distribution is right-skewed with a unique interior mode. This means that the majority of workers earn wages in the middle range of the earnings distribution. At the same time there is a small proportion of employees in the beginning of their career with wages in the left tail of the earnings distribution and a small proportion of high-skilled workers earning wages in the right tail of the distribution.

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