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Wage Expectations and Job Search
We conduct a field experiment to study how unemployed job seekers’ subjective wage expectations shape their job search behavior and labor market outcomes. Using matched survey-administrative data from more than 9,000 unemployed workers in Denmark, we first document that job seekers anchor their wage expectations to their pre-unemployment wages by more than is objectively justified. A random half of the sample is provided with information about the objective wage potential of comparable workers, leading them to update their own wage expectations accordingly and to adjust their job search strategies. Ultimately, the treatment increases re-employment probabilities among both previous over- and previous under-estimators, but through different mechanisms. Initial over-estimators lower their reservation wages and increase their search effort. Initial under-estimators increase their reservation wages and redirect their job search to vacancies closer to their residence. Consistent with a reduction in search frictions in local labor markets—-which is unanticipated by workers—-they find re-employment sooner and at higher wages.
Date:
13 May 2025, 16:00
Venue:
Manor Road Building, Manor Road OX1 3UQ
Venue Details:
Seminar Room A
Speaker:
Alexander Sebald (Copenhagen Business School)
Organising department:
Department of Economics
Part of:
Applied Microeconomics Seminar
Booking required?:
Not required
Audience:
Members of the University only
Editor:
Edward Valenzano
