Towards an Alternative Conception of Job-Search Theory and Policy: Information as an Indeterminate Process

The theoretical heritage of job-search models is reconsidered, with a stress on their roots in neoclassical equilibrium theory. A different conception of the “imperfect” information problem is proposed, namely what is called ‘indeterminate’ information. Competing economic and geographical models of job search are reviewed and the logic of indeterminate information applied. A research agenda is introduced, which highlights the role that contracts play in allocating the costs of indeterminate information. Last, implications are drawn regarding the role of public policy.