I. Introduction, 113. — II. A simple model of job search, 115. — III. A more general model of job search, 123. — IV. An adaptive search model, 125.

The research reported here was performed under contract with the Office of Economic Opportunity, Executive Office of the President, Washington, D. C, 20506. The opinions expressed here are those of the author and should not be construed as representing the opinions or policy of any agency of the United States government. The author is indebted to Bennett Fox, Marvin Kosters, and Anthony Pascal for their valuable suggestions and advice.