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Concentration, capacity and market power in an evolutionary labor market

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  • Tesfatsion, Leigh

Abstract

This paper reports on an experimental study of the relationship between job capacity, job concentration, and market power in the context of an agent-based computational model of a labor market. Job capacity is measured by the ratio of potential job openings to potential work offers, and job concentration is measured by the ratio of work suppliers to employers. For each experimental treatment, work suppliers and employers repeatedly seek preferred work-site partners based on continually updated expected utility, engage in work-site interactions modelled as prisoner's dilemma games, and evolve their work-site behaviors over time. The main finding is that job capacity consistently trumps job concentration when it comes to predicting the relative ability of work suppliers and employers to exercise market power.

Suggested Citation

  • Tesfatsion, Leigh, 2000. "Concentration, capacity and market power in an evolutionary labor market," ISU General Staff Papers 200001010800001044, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:200001010800001044
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    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor

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