Stochastic Agent-Based Simulation of the Role of Labor in the Economy

Alex Kindler, Sorin Solomon and Natasa Golo

A chapter in Complex Systems, Sustainability and Innovation from IntechOpen

Abstract: We present a platform for stochastic agent-based simulation of the role of labor in the economy (SABLE). The platform facilitates heterogeneous agents: a large number of firms, workers, and banks are represented as individual agents. It allows the agents to have fixed or random reactions to the other agents and to pursue goals through decisions with bounded rationality. Its purpose is to clarify the feedback effects between the individuals as workers and consumers in a complex environment. SABLE is meant to be a quantitative precise tool to express classical, neoclassical and heterodox scenarios and to document their outcomes. In particular, questions regarding policies dealing with minimum wages, unemployment wages, hiring regulation, and the role of finance on unemployment can be studied in a new, interactive, and transparent way, inspired among others by the critical thoughts in.

Keywords: unemployment; complex systems; agent-based model; stochastic process; econophysics (search for similar items in EconPapers)
JEL-codes: Q57 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ito:pchaps:106764

DOI: 10.5772/64698

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