This paper develops a theory of the unemployed individual's choice of how much effort to devote to search. The term effort involves two choice variables, time and money. Specific attention is given to the role of unemployment contingent income and the probability of obtaining employment without...

I argue against the popular view that young Black men experience more joblessness than their White counterparts because they have priced themselves out of the labor market. The seemingly excessive reservation wages of jobless young Black men, what they ...