McCall Model of Job Search Consider the continuous time McCall Model of job search. An unemployed worker with an innite-time horizon wishes to maximise the present discounted value of wages. At a moment in time, the worker receives a wage offer w, where w is drawn from a known exogenous distribution F(w). If the worker aocepts employment, she ceases search and receives the offered wage. If the worker rejects employment, she continues searching for employment and receives a ow value of 1). Let r denote the discount rate and at denote the job offer arrival rate. (3] Express the Bellman equation associated with the value of employment N(w) at a wage of w for this worker and the Bellman Equation associated with the value of being unemployed U. (h) Assume that the worker can search in two different labour markets. In the rst labour market, the distribution of wage offers F (w) is uniform, i.e. w M U [0, 4}. In the second labour market the distribution of wage offers, G[w) is also uniform but has w w U[1,3]. Everything else is the same in both markets. Which market would the worker prefer to search and why