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Essay's paper info
Topic: Science
Number of pages / Number of words: 7 / 1698
Essay's paper body

Thus, the new reservation wage

shoule be equal to rUw (wm). Under the Nash bargaining condition (9), we

should have the wage equation:

w(p;Uw (wm)) = (1 ?? )p + rUw (wm) (10)

we assume the worker would receive the minimum wage wm when p = bp,

where

bp(w;Uw (wm)) = wm??rUw(wm)

(1??)

When matched pair produces p belongs to the set [wm; bp), the wage o¤er

according to (10) is less than wm...


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Therefore, the ?rm pays the wage of wm for

all p 2 [wm; bp). And for any p bp, the wage o¤ers are determined according

to (10). We can now consider the unemployed search value for workers which is

given by

rUw (wm) = b + wfZ bp(w;Uw(wm))

wm hwm+Uw(wm)

r+ ?? Uw (wm)idG (p)

+Z

bp(w;Uw(wm)) h(1??)p+rUw(wm)+Uw(wm)

r+ ?? Uw (wm)idG (p)g

2

Rearrange we get

rUw (wm) = b + w

r+fZ bp(w;Uw(wm))

wm

[wm ?? rUw (wm)] dG (p)

+(1 ?? ) Z

bp(w;Uw(wm))

[p ?? rUw (wm)] dG(p)g (11)

From equation (11), we can see that the ?rst term in braces is the surplus

value when the minimum wage is binding and the second term is the surplus

value when the minimum wage is not binding...


Essay fragment

General points of the essay

Life Struggle on Minimum Wage Minimum Wage Laws Minimum Wage Legislation Raising Minimum Wage The Effects of Higher Minimum Wage The effect of the minimum wage has on unemployment MINIMUM WAGE Change in Federal Minimum Wage Minimum Wage Impact Raising The Minimum Wage The Minimum Wage And Why We Should Leave It Against raising minimum wage Minimum Wage debate minimum wage troubles Should Minimum Wage Be Increased?

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