Endogenous Firm Dynamics and Labor Flows via Heterogeneous Agents✶
Robert Axtell Department of Computational and Data Sciences, Department of Economics, and Center for Social Complexity, Krasnow Institute for Advanced Study, George Mason University, Fairfax, VA, United States, rax222@gmu.edu
Abstract
A model is described in which large numbers of simple agents organize into groups that empirically resemble U.S. firms. The agents work in team production environments, regularly adjust their work effort, and periodically seek better jobs or start new teams when it is in their self-interest. Nash equilibria of the team formation game exist but are unstable. Dynamics are studied using agent computing at full-scale with the U.S. ...
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