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Market Power Effects on Worker-Employer Network Formation in Evolutionary Labor Markets with Adaptive Search

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Author Info
Leigh Tesfatsion () (Iowa State University)

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Abstract

This study reports on market power experiments for an agent-based computational model of a labor market. Workers and employers repeatedly choose and refuse worksite partners on the basis of continually updated expected returns, engage in worksite interactions modelled as two-person games, and evolve their worksite strategies over time. Three treatment factors affecting the relative market power of workers and employers are experimentally varied: market structure (two-sided, partially fluid, and endogenous type markets); market concentration (ratio of workers to employers); and market capacity (ratio of potential work offers to potential job openings). Particular attention is focused on experimentally determined correlations between market power and the formation of contractual networks among workers and employers, and between contractual network formation and the types of worksite interactions and welfare outcomes that these contractual networks support.

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File URL: http://www.econ.iastate.edu/tesfatsi/evlab.ps
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Publisher Info
Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 1999 with number 543.

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Date of creation: 01 Mar 1999
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Handle: RePEc:sce:scecf9:543

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Postal: CEF99, Boston College, Department of Economics, Chestnut Hill MA 02467 USA
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  1. Joel L. Schrag, 1999. "First Impressions Matter: A Model Of Confirmatory Bias," The Quarterly Journal of Economics, MIT Press, vol. 114(1), pages 37-82, February. [Downloadable!] (restricted)
  2. Diamond, Peter A, 1982. "Aggregate Demand Management in Search Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 881-94, October. [Downloadable!] (restricted)
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  3. Olivier J. Blanchard & Lawrence H. Summers, 1986. "Hysteresis and the European Unemployment Problem," Working papers 427, Massachusetts Institute of Technology (MIT), Department of Economics.
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  4. Leigh TESFATSION, 1995. "How Economists Can Get Alife," Economic Report 37, Iowa State University Department of Economics. [Downloadable!]
  5. David MCFADZEAN & Leigh TESFATSION, 1996. "A C++ Platform For The Evolution Of Trade Networks," Economic Report 39, Iowa State University Department of Economics. [Downloadable!]
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  6. Leigh TESFATSION, 1995. "A Trade Network Game With Endogenous Partner Selection," Economic Report 36, Iowa State University Department of Economics. [Downloadable!]
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  7. Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics 0203001, EconWPA, revised 15 Aug 2002. [Downloadable!]
  8. John M. Abowd & Francis Kramarz & David N. Margolis, 1999. "High Wage Workers and High Wage Firms," Econometrica, Econometric Society, vol. 67(2), pages 251-334, March.
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  9. Laura Piscitelli, . "A Test for Strong Hysteresis," Computing in Economics and Finance 1997 2, Society for Computational Economics. [Downloadable!]
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