McCall schlug dazu ein dynamisches Modell der Jobsuche vor, basierend auf der mathematischen Methode des optimalen Stoppens. McCall konzentrierte sich bei der Anwendung der Suchtheorie auf das Suchverhalten von arbeitslosen Individuen. Seine Ergebnisse kann man aber auch in der Konsumententheorie benutzen. Suchen in unbekannten Verteilungen wird auch Mehrarmiges-Bandit-Problem genannt.
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Stigler proposed thinking of searching for bargains or jobs as an economically important problem. McCall proposed a dynamic model of job search, based on the mathematical method of optimal stopping , on which much later work has been based.
The reservation wage may change over time if some of the conditions assumed by McCall are not met. For example, a worker who fails to find a job might lose skills or face stigma, in which case the distribution of potential offers that worker might receive will get worse, the longer he or she is unemployed. Likewise, if the worker is risk averse , the reservation wage will decline over time if the worker gradually runs out of money while searching.
This is because when there is more variation in wage offers holding fixed the mean , the searcher may want to wait longer that is, set a higher reservation wage in hopes of receiving an exceptionally high wage offer. The possibility of receiving some exceptionally low offers has less impact on the reservation wage, since bad offers can be turned down. In that context, the highest price a consumer is willing to pay for a particular good is called the reservation price.
Search from known distributions and heterogeneous costs[ edit ] Opportunities might provide payoffs from different distributions.
Costs of sampling may vary from an opportunity to another. As a result, some opportunities appear more profitable to sample than others. These problems are referred to as Pandora box problems introduced by Martin Weitzman. Pandora opens boxes, but will only enjoy the best opportunity. With x.
Diamond, Mortensen et Pissarides, Nobel d’économie 2010