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

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  • Leigh Tesfatsion

    ()
    (Iowa State University)

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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Bibliographic 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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Web page: http://fmwww.bc.edu/CEF99/
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  1. Piscitelli, Laura, et al, 2000. "A Test for Strong Hysteresis," Computational Economics, Society for Computational Economics, Society for Computational Economics, vol. 15(1-2), pages 59-78, April.
  2. Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics, EconWPA 0203001, EconWPA, revised 15 Aug 2002.
  3. Olivier J. Blanchard & Lawrence H. Summers, 1986. "Hysteresis And The European Unemployment Problem," NBER Chapters, in: NBER Macroeconomics Annual 1986, Volume 1, pages 15-90 National Bureau of Economic Research, Inc.
  4. McFadzean, David & Tesfatsion, Leigh S., 1999. "A C++ Platform for the Evolution of Trade Networks," Staff General Research Papers 1639, Iowa State University, Department of Economics.
  5. Tesfatsion, Leigh, 1997. "How Economists Can Get Alife," Staff General Research Papers 1685, Iowa State University, Department of Economics.
  6. Diamond, Peter A, 1982. "Aggregate Demand Management in Search Equilibrium," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 90(5), pages 881-94, October.
  7. Tesfatsion, Leigh, 1998. "Preferential Partner Selection in Evolutionary Labor Markets: A Study in Agent-Based Computational Economics," Staff General Research Papers 2048, Iowa State University, Department of Economics.
  8. Leigh TESFATSION, 1995. "A Trade Network Game With Endogenous Partner Selection," Economic Report, Iowa State University Department of Economics 36, Iowa State University Department of Economics.
  9. Abowd, J.M. & Kramarz, F. & Margolis, D.N., 1995. "High-Wage Workers and High-Wage Firms," Cahiers de recherche, Centre interuniversitaire de recherche en économie quantitative, CIREQ 9503, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  10. Joel L. Schrag, 1999. "First Impressions Matter: A Model Of Confirmatory Bias," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 114(1), pages 37-82, February.
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Cited by:
  1. Klos, Tomas B., 1999. "Governance and matching," Research Report 99B41, University of Groningen, Research Institute SOM (Systems, Organisations and Management).

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