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An Empirical Evaluation of an Evolutionary Game Theory Model of the Labor Market

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  • Araujo, Ricardo Azevedo
  • Loureiro, Paulo Roberto
  • Souza, Nathalia Almeida

Abstract

In this paper we intend to perform an empirical evaluation of the evolutionary game theory model of the labor market developed by Araujo and Souza (2010). In order to accomplish this task we focus on the Brazilian labor market by using data from the National Household Sampling Survey – PNAD/IBGE, from 1995 to 2008. We used four different methodologies: the OLS, Pseudo-panel with fixed effects, Instrumental Variables and the Heckman Selection Model. Results indicate that the main difference between the 1995-2002 and 2003-2008 period is the impact of education over wages. According to these findings, investments in education were more profitable for the 2003-2008 period. However, all wage gaps between formal and informal markets reduced considerably.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 30408.

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Date of creation: 2011
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Handle: RePEc:pra:mprapa:30408

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Keywords: formal and informal and labor market; evolutionary game theory.;

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  1. Mulinge, Munyae & Mueller, Charles W., 1998. "Employee job satisfaction in developing countries: The case of Kenya," World Development, Elsevier, vol. 26(12), pages 2181-2199, December.
  2. Aureo de Paula & Jose A. Scheinkman, 2006. "The Informal Sector," Levine's Bibliography 122247000000001030, UCLA Department of Economics.
  3. Heckman, James J, 1979. "Sample Selection Bias as a Specification Error," Econometrica, Econometric Society, vol. 47(1), pages 153-61, January.
  4. Loayza, Norman V. & Oviedo, Ana Maria & Serven, Luis, 2005. "The impact of regulation on growth and informality - cross-country evidence," Policy Research Working Paper Series 3623, The World Bank.
  5. Maloney, William F., 2004. "Informality Revisited," World Development, Elsevier, vol. 32(7), pages 1159-1178, July.
  6. Christopher F Baum & Mark E. Schaffer & Steven Stillman, 2002. "Instrumental variables and GMM: Estimation and testing," United Kingdom Stata Users' Group Meetings 2003 02, Stata Users Group.
  7. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  8. Deaton, Angus, 1985. "Panel data from time series of cross-sections," Journal of Econometrics, Elsevier, vol. 30(1-2), pages 109-126.
  9. Araujo, Ricardo Azevedo & de Souza, Nathalia Almeida, 2010. "An evolutionary game theory approach to the dynamics of the labour market: A formal and informal perspective," Structural Change and Economic Dynamics, Elsevier, vol. 21(2), pages 101-110, May.
  10. Loayza, Norman V. & Rigolini, Jamele, 2006. "Informality trends and cycles," Policy Research Working Paper Series 4078, The World Bank.
  11. Fiess, Norbert M. & Fugazza, Marco & Maloney, William F., 2010. "Informal self-employment and macroeconomic fluctuations," Journal of Development Economics, Elsevier, vol. 91(2), pages 211-226, March.
  12. Adolfo Sachsida & Paulo Roberto Amorim Loureiro & Mário Jorge Cardoso de Mendonça, 2004. "Um Estudo Sobre Retorno em Escolaridade no Brasil," Revista Brasileira de Economia, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 58(2), pages 249-265, April.
  13. Fortin, Bernard & Marceau, Nicolas & Savard, Luc, 1997. "Taxation, wage controls and the informal sector," Journal of Public Economics, Elsevier, vol. 66(2), pages 293-312, November.
  14. Loayza, Norman V., 1996. "The economics of the informal sector: a simple model and some empirical evidence from Latin America," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 45(1), pages 129-162, December.
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