Knowra Dale T. Mortensen Dale T. Mortensen Dale T. Mortensen was an American economist whose models of job search and labor-market frictions helped explain unemployment and wage formation. He shared the 2010 Nobel Memorial Prize in Economic Sciences.
Search theory : The study of how people and organizations find one another when information and opportunities are imperfect. Mortensen applied search theory to explain how workers and employers locate suitable matches.
Diamond–Mortensen–Pissarides model : A labor-market model explaining unemployment and job creation through costly search and matching. Mortensen’s contributions form a central part of this framework, developed with Peter Diamond and Christopher Pissarides.
Peter Diamond : An American economist known for research on search theory, taxation, and social insurance. Diamond shared the 2010 Nobel Prize with Mortensen and developed related search models.
Structural unemployment : Unemployment caused by persistent mismatches between workers’ skills or locations and available jobs. Search frictions help explain why unemployment can persist even when vacancies exist.
Walrasian equilibrium : A market equilibrium in which prices coordinate supply and demand so that markets clear. Unlike frictionless equilibrium models, Mortensen’s framework allows workers and firms to take time to find one another.
Labor economics : The study of workers, employers, wages, employment, and labor markets. His research addresses unemployment, wage setting, and worker-employer matching.
Job search : The process by which workers seek employment opportunities and evaluate potential jobs. Workers’ search choices determine how quickly they find jobs in Mortensen’s models.
Christopher A. Pissarides : A Cypriot-British economist whose research models unemployment and labor-market matching. Pissarides shared the Nobel Prize with Mortensen for work on search frictions.
Beveridge curve : A relationship between unemployment and job vacancies, typically showing them moving in opposite directions. Matching models explain shifts in this curve as changes in labor-market efficiency or frictions.
Efficiency wage : A wage set above the market-clearing level to improve worker productivity or reduce turnover. Efficiency-wage theories explain unemployment through firms’ wage choices rather than search and matching alone.
Show all 25