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Replication data for: Real-Time Search in the Laboratory and the Market
- Brown, Meta
- Flinn, Christopher J.
- Schotter, Andrew
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Abstract
While widely accepted labor market search models imply a constant reservation wage policy, empirical evidence strongly suggests that reservation wages decline in search duration. This paper reports the results of the first real-time-search laboratory experiment. The controlled environment subjects face is stationary, and the payoff-maximizing reservation wage is constant. Nevertheless, subjects' reservation wages decline sharply over time. We investigate two hypotheses to explain this decline: 1. Searchers respond to the stock of accruing search costs. 2. Searchers experience non-stationary subjective costs of time spent searching. Our data support the latter hypothesis, and we substantiate this conclusion both experimentally and econometrically. (JEL C91, D83, J64)
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Is supplement to
DOI: 10.1257/aer.101.2.948 (Text)
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Brown, Meta, Christopher J Flinn, and Andrew Schotter. “Real-Time Search in the Laboratory and the Market.” American Economic Review 101, no. 2 (April 2011): 948–74. https://doi.org/10.1257/aer.101.2.948.
- ID: 10.1257/aer.101.2.948 (DOI)
Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-10-11
Brown, Meta; Flinn, Christopher J.; Schotter, Andrew (2011): Replication data for: Real-Time Search in the Laboratory and the Market. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E112417
