Modeling and analysis of agent-based labor market

Jae Min Yu, Sung Bae Cho

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

This paper presents an agent-based model of labor market to investigate the relationship between company and worker. Unlike most of previous studies of labor market we apply a game theoretic approach to defining entities in labor market: companies and workers. A company can choose the level of wages, and workers can select the level of effort to increase the productivity in response to the wages. Company and worker agents are designed to possess the basic attributes in order to reflect the real labor market and their activities are adaptively changed using evolutionary model. Our approach is illustrated with four simulation results: the effect of workers resignation, sick leave, dismissal of companies and productivity growth. Various experiments were conducted, and the interactions between worker and company are analyzed. Especially performance-based reward strategy and non-greedy strategy in job changing are necessary for companies and workers according to the simulation results. The experimental result confirms that the balanced power between worker and company is important in maintenance and extension of labor market. Nash Equilibrium can be maintained in all cases.

Original languageEnglish
Title of host publication10th International Conference on Soft Computing Models in Industrial and Environmental Applications
EditorsAlvaro Herrero, Bruno Baruque, Javier Sedano, Hector Quintian, Emilio Corchado
PublisherSpringer Verlag
Pages215-226
Number of pages12
ISBN (Print)9783319197180
DOIs
Publication statusPublished - 2015
Event10th International Conference on Soft Computing Models in Industrial and Environmental Applications, SOCO 2015 - Burgos, Spain
Duration: 2015 Jun 152015 Jun 17

Publication series

NameAdvances in Intelligent Systems and Computing
Volume368
ISSN (Print)2194-5357

Other

Other10th International Conference on Soft Computing Models in Industrial and Environmental Applications, SOCO 2015
CountrySpain
CityBurgos
Period15/6/1515/6/17

All Science Journal Classification (ASJC) codes

  • Control and Systems Engineering
  • Computer Science(all)

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