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Why do some vacancies ofier a posted wage whereas others ofier a ne- gotiable wage? The paper endogenizes the choice of wage policy in a search model with heterogeneous workers. In particular, we character- ize the circumstances under which there exist an equilibrium where all flrms negotiate wages. Generally, we flnd that a tight labor market favors bargaining over posting, as does large worker heterogeneity. In the equilibrium of our model, labor markets are tighter when workers are more productive, suggesting a reason why wages are more often negotiated for highly paid jobs.

Fixed or Flexible?: Wage Setting in Search Equilibrium