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Reservation wage

The minimum wage that a worker engaged in search for a new job is willing to accept. A worker will not accept an offer if the wage is below their reservation wage. The reservation wage is determined by the current wage (if the worker is in employment), by the level of benefits (if the worker is currently unemployed), and by beliefs about what other wage offers will be available in the future. See also search.

Reference: Oxford Press Dictonary of Economics, 5th edt.