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date: 25 January 2021

Abstract and Keywords

The economic job search theory is based on the assumption that individuals have imperfect information about jobs and wages. It takes time to find an acceptable job and individuals have to make decisions about their job search behavior. The optimal job search behavior is characterized by the reservation wage, that is, the wage above which job offers are accepted, and by the search effort. Both components depend on factors such as the income during job search and the probability of receiving a job offer. Search effort can be described by the amount of resources used for finding a job, which includes time but can also include the type of search channels. We present the basic models of economic job search theory and selected empirical findings, in which we focus on the job search behavior of unemployed individuals.

Keywords: Job search theory, Unemployment duration, Reservation wage, Search effort

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