A Contribution to the Empirics of Reservation Wages
---- Acknowledgements -----
We thank Bob Hall, Till von Wachter and seminar participants at Berkeley, the Richmond Fed, the U.S. Census Bureau and Columbia University for helpful comments. We are grateful to the Princeton Industrial Relations Section and National Institute of Aging (Roybal Grant P30AG024928) for financial support. This research was conducted under the terms of a memorandum of understanding with the New Jersey Department of Labor and Workforce Development, and we are grateful for their assistance and cooperation. The authors are solely responsible for the views expressed in the paper and any errors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.