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Towards an evolutionary interpretation of aggregate labor market regularities

In: Entrepreneurships, the New Economy and Public Policy

Author

Listed:
  • Giorgio Fagiolo

    (Sant’ Anna School of Advanced Studies)

  • Giovanni Dosi

    (Sant’ Anna School of Advanced Studies)

  • Roberto Gabriele

    (University of Trento, Italy and Sant’ Anna School of Advanced Studies)

Abstract

In this paper, we present an agent-based, evolutionary, model which formalizes from the bottom up individual behaviors and interactions in both product and labor markets. We describe vacancy and wage setting, matching and bargaining, demand and price formation as endogenous processes. Firms enjoy labor productivity improvements and are selected in the product market. Simulations show that: (i) the model is able robustly to reproduce Beveridge, Wage and Okun curves; (ii) Okun coefficients greater than one emerge even if individual firms employ linear technologies; (iii) changes in institutional, behavioral, and technological parameters induce statistically detectable shifts in Okun and Beveridge curves.

Suggested Citation

  • Giorgio Fagiolo & Giovanni Dosi & Roberto Gabriele, 2005. "Towards an evolutionary interpretation of aggregate labor market regularities," Springer Books, in: Uwe Cantner & Elias Dinopoulos & Robert F. Lanzillotti (ed.), Entrepreneurships, the New Economy and Public Policy, pages 223-252, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-26994-6_13
    DOI: 10.1007/3-540-26994-0_13
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    Cited by:

    1. is not listed on IDEAS
    2. Juan Manuel Larrosa, 2016. "Agentes computacionales y análisis económico," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 18(34), pages 87-113, January-J.
    3. G. Fagiolo & G. Dosi & R. Gabriele, 2004. "Matching, Bargaining, And Wage Setting In An Evolutionary Model Of Labor Market And Output Dynamics," World Scientific Book Chapters, in: Roberto Leombruni & Matteo Richiardi (ed.), Industry And Labor Dynamics The Agent-Based Computational Economics Approach, chapter 5, pages 59-89, World Scientific Publishing Co. Pte. Ltd..
    4. Peter Hans Matthews, 2004. "Who is Post-Walrasian Man?," Middlebury College Working Paper Series 0412, Middlebury College, Department of Economics.
    5. Sandra Tavares Silva & Aurora A.C. Teixeira, 2006. "An evolutionary model of firms' institutional behavior focusing on labor decisions," FEP Working Papers 227, Universidade do Porto, Faculdade de Economia do Porto.
    6. Matteo Richiardi, 2004. "A Search Model Of Unemployment And Firm Dynamics," World Scientific Book Chapters, in: Roberto Leombruni & Matteo Richiardi (ed.), Industry And Labor Dynamics The Agent-Based Computational Economics Approach, chapter 7, pages 107-128, World Scientific Publishing Co. Pte. Ltd..
    7. Dan Farhat, 2011. "Bookworms versus Party Animals: An Artificial Labor Market with Human and Social Capital Accumulation," Working Papers 1103, University of Otago, Department of Economics, revised May 2011.
    8. Moreno Baruffini, 2013. "An agent-based simulation of the Swiss labour market : an alternative for the labour market policy evaluation," ERSA conference papers ersa13p216, European Regional Science Association.

    More about this item

    Keywords

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    JEL classification:

    • J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts

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