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Unemployment insurance provides temporary cash benefits to eligibleunemployed workers. Benefits are sometimes extended by discretion duringeconomic slumps. In a model that features temporary benefits and sequential jobopportunities, a worker's reservation wages are studied when policymakers canmake discretionary extensions to benefits. A worker's optimal labor-supplychoice is characterized by a sequence of reservation wages that increases withweeks of remaining benefits. The possibility of an extension raises the entiresequence of reservation wages, meaning a worker is more selective whenaccepting job offers throughout their spell of unemployment. The welfareconsequences of misperceiving the probability and length of an extension areinvestigated. Properties of the model can help policymakers interpret data onreservation wages, which may be important if extended benefits are used moreoften in response to economic slumps, virus pandemics, extreme heat, andnatural disasters.

Discretionary Extensions to Unemployment-Insurance Compensation and Some Potential Costs for a McCall Worker