Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 1997 erstellt
Description:
If job searchers don't know the wage offer distribution they are facing, they might take the wage structure in their last firm as a prior. Doing so, reservation wages will be biased which will also bias unemployment duration. Using data for Austrian workers it is shown that workers seem to have good knowledge on expected mean wages, but less so for higher moments of the wage offer distribution