Job search with general stochastic offer arrival rates

The standard continuous time job search model assumes a Poisson arrival rate of job offers. This study generalizes that assumption, allowing arbitrary interarrival times. With this generalization, a reservation wage strategy need not be optimal. However, it is shown here that if the interarrival times satisfy a simple restriction called NBU (New Better than Used), then a reservation wage strategy maximizes the searcher's expected discounted net return.