The authors analyze equilibrium in a labor market wherein it takes time for the workers to contact forms. Workers, assumed identical, repeatedly sell their labor services all through their work lives, choosing their search intensity endogenously. Identical firms attempt to maximize their...

Empirical studies of job search strongly suggest that the reservati on wage of unemployed job-seeking individuals declines with the length o f their respective unemployment spells. The authors provide a new explanation for this, ba sed on the reasonable assumption that worker s do not have...