McCall Search Model: Present value of lifetime income In the Bellman for the search model, how is the present discounted value of future income equal to $\frac{w}{1-\beta}$? Sounds like a basic question but I just can't comprehend the math in my head, because for present value I tend to compare it with NPV and think $1-\beta$ should be raised to the power of something. If someone could show the math in the McCall model's bellman.
In the version of the McCall search model I'm familiar with, once you accept an offer of wage $w$, you receive that wage $w$ in every period starting from the period of acceptance. 

Hence, from the perspective of the current period, your utility from accepting that offer is

$$ w + \beta w + \beta^2 w + \cdots =\frac{w}{1-\beta} $$

In case this equality isn't familiar, recall that the LHS is simply a geometric series.