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- W2316110552 abstract "In traditional labor supply theory an individual's decision to participate in the labor is based on a comparison between his reservation wage and the market Employment is chosen only if the given wage equals or exceeds the reservation wage. But, in an uncertain world where information is costly the participation decision is complicated by the fact that a fixed wage is not assured nor can employment be secured instantaneously. The individual, should he decide to participate in the labor market, must expect that part of this will be spent searching for work and he is uncertain as to the amount of effort that will be expended in the search process and the wage rate that will be eventually secured. Under these conditions what is participation worth to the individual and how can the value of participation be compared to the value of the nonmarket alternative? Since the traditional reservation wage reflects the value of the nonmarket alternative a comparison would be possible if the value of participation could be determined in terms of a nonstochastic net wage concept which incorporates the uncertainties associated with job search. I shall refer to this wage concept as the effective wage. The notion of the effective wage is not new. Gallaway [2, 136] in his discussion of cyclical labor behavior mentions a wage concept which nets out such things as time and personal effort which must be expended in the search process as well as any money cost incurred therein. Mincer [9," @default.
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- W2316110552 date "1979-04-01" @default.
- W2316110552 modified "2023-09-24" @default.
- W2316110552 title "The Effective Wage Rate, Labor Force Participation and the Rate of Return to Investment in Human Capital" @default.
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- W2316110552 doi "https://doi.org/10.2307/1056954" @default.
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