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Ex Ante Capacity Effects in Evolutionary Labor Markets with Adaptive Search

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  • Leigh Tesfatsion

    (Iowa State University)

Abstract

This study reports on computational experiments for an agent-based labor market model with adaptive choice and refusal of worksite partners and with endogenously evolving worksite behaviors. Two treatment factors are experimentally varied: market structure; and ex ante capacity constraints on potential work offers and job openings. Particular attention is focused on experimentally determined correlations between treatment factors 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.

Suggested Citation

  • Leigh Tesfatsion, 1998. "Ex Ante Capacity Effects in Evolutionary Labor Markets with Adaptive Search," Labor and Demography 9811003, EconWPA.
  • Handle: RePEc:wpa:wuwpla:9811003
    Note: Type of Document - postscript; prepared on PC using dvips applied to a LaTeX DVI file; to print on postscript printer , or any printer after opening with ps reader; pages: 38; figures: all but one included
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/lab/papers/9811/9811003.pdf
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/lab/papers/9811/9811003.ps.gz
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    References listed on IDEAS

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    1. Mortensen, Dale & Pissarides, Christopher, 2011. "Job Creation and Job Destruction in the Theory of Unemployment," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 1-19.
    2. Tesfatsion, Leigh S., 1998. "Gale-Shapley Matching in an Evolutionary Trade Network Game," Staff General Research Papers Archive 1230, Iowa State University, Department of Economics.
    3. Kirman, Alan P & Oddou, Claude & Weber, Shlomo, 1986. "Stochastic Communication and Coalition Formation," Econometrica, Econometric Society, vol. 54(1), pages 129-138, January.
    4. Tesfatsion, Leigh, 1998. "Preferential Partner Selection in Evolutionary Labor Markets: A Study in Agent-Based Computational Economics," Staff General Research Papers Archive 2048, Iowa State University, Department of Economics.
    5. Jackson, Matthew O. & Wolinsky, Asher, 1996. "A Strategic Model of Social and Economic Networks," Journal of Economic Theory, Elsevier, vol. 71(1), pages 44-74, October.
    6. Diamond, Peter A, 1982. "Aggregate Demand Management in Search Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 881-894, October.
    7. Philippe Aghion & Peter Howitt, 1994. "Growth and Unemployment," Review of Economic Studies, Oxford University Press, vol. 61(3), pages 477-494.
    8. Roger B. Myerson, 1977. "Graphs and Cooperation in Games," Mathematics of Operations Research, INFORMS, vol. 2(3), pages 225-229, August.
    9. David Banks & Kathleen Carley, 1994. "Metric inference for social networks," Journal of Classification, Springer;The Classification Society, vol. 11(1), pages 121-149, March.
    10. MacLeod, W Bentley & Malcomson, James M, 1998. "Motivation and Markets," American Economic Review, American Economic Association, vol. 88(3), pages 388-411, June.
    11. Rubinstein, Ariel & Wolinsky, Asher, 1985. "Equilibrium in a Market with Sequential Bargaining," Econometrica, Econometric Society, vol. 53(5), pages 1133-1150, September.
    12. Roth, Alvin E. & Sotomayor, Marilda, 1992. "Two-sided matching," Handbook of Game Theory with Economic Applications,in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 16, pages 485-541 Elsevier.
    13. Leigh TESFATSION, 1995. "A Trade Network Game With Endogenous Partner Selection," Economic Report 36, Iowa State University Department of Economics.
    14. McFadzean, David & Tesfatsion, Leigh, 1999. "A C++ Platform for the Evolution of Trade Networks," Computational Economics, Springer;Society for Computational Economics, vol. 14(1-2), pages 109-134, October.
    15. Leigh TESFATSION, 1995. "How Economists Can Get Alife," Economic Report 37, Iowa State University Department of Economics.
    16. Gode, Dhananjay K & Sunder, Shyam, 1993. "Allocative Efficiency of Markets with Zero-Intelligence Traders: Market as a Partial Substitute for Individual Rationality," Journal of Political Economy, University of Chicago Press, vol. 101(1), pages 119-137, February.
    17. Jovanovic, Boyan, 1979. "Job Matching and the Theory of Turnover," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 972-990, October.
    18. Ariel Rubinstein & Asher Wolinsky, 1990. "Decentralized Trading, Strategic Behaviour and the Walrasian Outcome," Review of Economic Studies, Oxford University Press, vol. 57(1), pages 63-78.
    19. Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics 0203001, EconWPA, revised 15 Aug 2002.
    20. Pissarides, Christopher A, 1985. "Short-run Equilibrium Dynamics of Unemployment Vacancies, and Real Wages," American Economic Review, American Economic Association, vol. 75(4), pages 676-690, September.
    21. Arthur J. Hosios, 1990. "On The Efficiency of Matching and Related Models of Search and Unemployment," Review of Economic Studies, Oxford University Press, vol. 57(2), pages 279-298.
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    Cited by:

    1. Tesfatsion, Leigh S., 1998. "Teaching Agent-Based Computational Economics to Graduate Students," Staff General Research Papers Archive 1199, Iowa State University, Department of Economics.

    More about this item

    Keywords

    labor markets; search and matching; contractual networks; endogenous interactions; adaptation and learning; evolutionary game; agent-based computational economics; C++ source code;

    JEL classification:

    • J - Labor and Demographic Economics
    • E - Macroeconomics and Monetary Economics

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