incurring a positive search cost, the agent can consult an expert, whose interest is partially aligned with him. There are … vanishing search cost. The main findings are as follows. First, there are signal structures with which both the agent's payoff …

We study a labor market in which principals and agents must search for a trading partner, and agents have private … match. This leads to insufficient frictional unemployment and search, and lower average productivity and utility. A fully …

are consistent with an increase in the option value of search: with better ability to differentiate offer quality, workers … search longer, select higher-quality intermediaries, and ultimately have better migration experiences. …

We study a labor market in which principals and agents must search for a trading partner, and agents have private … match. This leads to insufficient frictional unemployment and search, and lower average utility. The resulting social loss …-value of money. An unemployment subsidy can eliminate the inefficiency. Changing how the surplus is split between principal and …