• Julio J. Rotemberg


Group Learning, Wage Dispersion, and Nonstationary. Julio J. Rotemberg, October 15, 2014, Paper. "It is shown that differences in beliefs can be an important source of inequality even if everyone is equally productive and people are reasonably sophisticated in the way that they learn about their economic environment. As is standard in the search literature, people believe that the wage offers they obtain while searching for a job are drawn from a stationary distribution. They then base their job acceptance decision on the average wage and the average unemployment duration..."  Link Verified October 29, 2014