where workers apply for just one job exhibits unemployment and absence of wage dispersion; (ii) an equilibrium where workers … apply for two or for more (but not for all) jobs always exhibits wage dispersion and, typically, unemployment; (iii) the … equilibrium wage distribution with a higher vacancy-to-unemployment ratio first-order stochastically dominates the wage …

minimum wage causes more unemployment, but also leads to more skill formation as unemployment is concentrated on low … gains of more skill formation outweigh the social welfare losses of increased unemployment. Using a highly conservative …