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- Title
GENERAL EQUILIBRIUM WAGE AND PRICE DISTRIBUTIONS.
- Authors
Albrecht, James W.; Axell, Bo; Lang, Harald
- Abstract
This paper extends models of search market equilibrium to incorporate general- equilibrium considerations. The model we treat is one with a single product market and a single labor market. An equilibrium distribution of prices and wages is the result of optimal price- and wage-setting behavior by firms in conjunction with optimal search by individuals. We prove the existence of a degenerate equilibrium and of a two-point dispersion equilibrium.
- Subjects
ECONOMIC equilibrium; MARKET equilibrium; ECONOMIC models; INCOME inequality; LABOR market; WAGES; BUSINESS enterprises
- Publication
Quarterly Journal of Economics, 1986, Vol 101, Issue 4, p687
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1884174