Please use this identifier to cite or link to this item: https://doi.org/10.1109/TSMCA.2012.2195167
Title: The inquiry of labor market dynamics in knowledge economies: An agent-based approach
Authors: Ng, T.S. 
Kang, Y.C.
Keywords: Agent-based modeling
Knowledge economy
Labor market dynamics
Simulation
Issue Date: 2013
Source: Ng, T.S., Kang, Y.C. (2013). The inquiry of labor market dynamics in knowledge economies: An agent-based approach. IEEE Transactions on Systems, Man, and Cybernetics Part A:Systems and Humans 43 (2) : 416-427. ScholarBank@NUS Repository. https://doi.org/10.1109/TSMCA.2012.2195167
Abstract: Elucidating the dynamics of national labor trends is a highly complex problem, as the labor market system is an interaction and interrelation of many variables and subsystems. To understand firm behavior and hence enable effective policy making, one must adopt a systems thinking and evolutionary approach to study the interplay of these forces and systems. This paper advocates the use of agent-based modeling to study labor market dynamics in a knowledge-based economy, in particular, the emergence of firm strategies and macroeconomic phenomena. An agent-based model is developed to simulate a labor market where firms post job offers to fill vacancies and decide how to choose and remunerate employees. Employees are initialized with a certain skill level and select jobs by comparing job offers. We then allow evolutionary forces to "select" firms that best survive in a given scenario and explore the strategies that emerge from interconnected systems and processes. © 2013 IEEE.
Source Title: IEEE Transactions on Systems, Man, and Cybernetics Part A:Systems and Humans
URI: http://scholarbank.nus.edu.sg/handle/10635/63367
ISSN: 10834427
DOI: 10.1109/TSMCA.2012.2195167
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