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Dynamics of probabilistic labor markets: statistical physics perspective  [PDF]
He Chen,Jun-ichi Inoue
Quantitative Finance , 2013,
Abstract: We introduce a toy probabilistic model to analyze job-matching processes in recent Japanese labor markets for university graduates by means of statistical physics. We show that the aggregation probability of each company is rewritten by means of non-linear map under several conditions. Mathematical treatment of the map enables us to discuss the condition on which the rankings of arbitrary two companies are reversed during the dynamics. The so-called `mismatch' between students and companies is discussed from both empirical and theoretical viewpoints.
Labor Market Mal-Adjustment in Chile; Structural Economic Reforms and Friction among Sub-Markets Labor Market Mal-Adjustment in Chile; Structural Economic Reforms and Friction among Sub-Markets
Luis A. Riveros
Revista de Análisis Económico (RAE) , 1986,
Abstract: Labor Market Mal-Adjustment in Chile; Structural Economic Reforms and Friction among Sub-Markets This paper discusses the main features of the labor market performance in the Chilean economy during the 1970s. Its purpose is to analyse several explanation for Chile's high unemployment levels on the basis of the stylized facts surrounding labor market behavior. Several interpretations on the heavy unemployment prevailing in Chile have been based on the role played by either the labor demand downfall or the abnormal increase in the labor supply. However, those hypotheses have failed in providing a satisfactory explanation for the lack of adjustment seen in the labor market. In this paper, the available evidence on sectoral shifts of production and employment is analyzed in terms of their implications for the unemployment persistence. Owing to the demands for inter-industry labor reallocation stemming from the change in the productive structure, the role played by the existence of industry·specific human capital is stressed. The results detailed here suggest that the persistence of heavy unemployment can be importantly attached to a series of disruptions in different industries; that these disruptions could not be accomodated smoothly in the short run; and that the market has been responding but only slowly.
Statistical Mechanics of Labor Markets  [PDF]
He Chen,Jun-ichi Inoue
Quantitative Finance , 2013, DOI: 10.1007/978-88-470-2553-0_11
Abstract: We introduce a probabilistic model of labor markets for university graduates, in particular, in Japan. To make a model of the market efficiently, we take into account several hypotheses. Namely, each company fixes the (business year independent) number of opening positions for newcomers. The ability of gathering newcomers depends on the result of job matching process in past business years. This fact means that the ability of the company is weaken if the company did not make their quota or the company gathered applicants too much over the quota. All university graduates who are looking for their jobs can access the public information about the ranking of companies. Assuming the above essential key points, we construct the local energy function of each company and describe the probability that an arbitrary company gets students at each business year by a Boltzmann-Gibbs distribution. We evaluate the relevant physical quantities such as the employment rate. We find that the system undergoes a sort of `phase transition' from the `good employment phase' to `poor employment phase' when one controls the degree of importance for the ranking.
Spatial Differentiation of Labor Markets from the Labor Demand Perspective
Ma?gorzata Gawrycka,Anna Szymczak
Contemporary Economics , 2010,
Abstract: The labor market is not a homogenous category. Its diversity is a consequence of the specificity of the region, its structure and level of development. In order to examine the competitive advantages of local labor markets, in terms of conditions associated with the operation of businesses, one shall specify characteristics determining features the potential of the region. The multitude of these features makes it difficult to choose measures that could enrich picture of diversity of labor markets. This aim of a paper is to assess the spatial differentiation of labor markets from the labor demand perspective. In the paper the taxonomic methodology was applied.
Equilibrium in Labor Markets with Few Firms  [PDF]
Reshef Meir,Moshe Tennenholtz
Computer Science , 2013,
Abstract: We study competition between firms in labor markets, following a combinatorial model suggested by Kelso and Crawford [1982]. In this model, each firm is trying to recruit workers by offering a higher salary than its competitors, and its production function defines the utility generated from any actual set of recruited workers. We define two natural classes of production functions for firms, where the first one is based on additive capacities (weights), and the second on the influence of workers in a social network. We then analyze the existence of pure subgame perfect equilibrium (PSPE) in the labor market and its properties. While neither class holds the gross substitutes condition, we show that in both classes the existence of PSPE is guaranteed under certain restrictions, and in particular when there are only two competing firms. As a corollary, there exists a Walrasian equilibrium in a corresponding combinatorial auction, where bidders' valuation functions belong to these classes. While a PSPE may not exist when there are more than two firms, we perform an empirical study of equilibrium outcomes for the case of weight-based games with three firms, which extend our analytical results. We then show that stability can in some cases be extended to coalitional stability, and study the distribution of profit between firms and their workers in weight-based games.
Flexible labor markets and employee health
Jane E Ferrie,Hugo Westerlund,Marianna Virtanen,Jussi Vahtera
SJWEH Supplements , 2008,
Abstract: Moves towards a more flexible labor market have focused research attention on the health effects of downsizing, temporary employment, and job insecurity. Most published research documents adverse effects on health, although null findings and direct associations have been observed. There is evidence that major downsizing is associated with poor mental health, medically certified sickness absence, and poor physical health, including cardiovascular disease mortality, among the survivors of downsizing. Recent research suggests that repeated exposure to personnel expansion also predicts sickness absence and hospitalization. There is strong evidence that job insecurity adversely affects psychological health and also evidence of increases in poor self-reported physical health, workplace injuries and accidents, sickness absence, and health service use. However, evidence of a link with disease and premature death remains limited. While temporary workers are initially selected for good health, they generally have poorer mental and physical health, including increased premature mortality, in the long term.
Dynamics of Network of Global Stock Markets  [cached]
Xiao Fan Liu,Chi K. Tse
Accounting and Finance Research , 2012, DOI: 10.5430/afr.v1n2p1
Abstract: This paper studies the co-movement pattern of 67 stock market indices in the past 5 years. In order to capture the complex interaction of the stock markets, we propose a network approach to analyze the interdependence of the individual stock markets. Specifically, stock markets are considered as network nodes, and the network links (weights of links) are defined by the dynamic conditional correlation between market indices. We reveal the structure dynamics of global stock market integration by examining the variation of the network parameters as time elapses. We show that global stock markets have time-varying synchronization, and that developed markets tend to demonstrate stronger integration while emerging markets are statistically independent of each other. Furthermore, we show that stock markets of different countries generally behave in a synchronous manner when they experience fluctuation. This volatility spillover or financial contagion phenomenon is especially notable in the frontier markets. Our work exposes the interdependence of stock markets in the world and proposes a network approach to identifying some salient global behavior of the interconnecting markets.
Multifractal dynamics of stock markets  [PDF]
Dariusz Grech,Lukasz Czarnecki
Physics , 2009,
Abstract: We present a comparative analysis of multifractal properties of financial time series built on stock indices from developing (WIG) and developed (S&P500) financial markets. It is shown how the multifractal image of the market is altered with the change of the length of time series and with the economic situation on the market. We emphasize that the proper adjustment of scaling range for multiscaling power laws is essential to obtain the multifractal image of time series. We analyze in this paper multifractal properties of real financial time series using H\"older $f(\alpha)$ representation and multifractal-DFA method. It is also investigated how multifractal properties of stocks change with variety of "surgeries" done on the initial real financial time series. This way we reveal main phenomena on the market influencing its multifractal dynamics. In particular, we focus on examining how multifractal picture of real time series changes when one cuts off extreme events like crashes or rupture points, and how fluctuations around the main trend in time series influence the multifractal behavior of financial series in the long-time horizon for both developed and developing markets.
Variations on the European labor markets from gender point of view  [PDF]
Savi? Mirko,Mihajlovi?-Mihi? Svetlana
Stanovni?tvo , 2010, DOI: 10.2298/stnv1002053s
Abstract: In modern societies gender gap attracts significant attention. Scientists are trying to research this issue from different aspects: demographical, sociological, economic, etc. The goal of this paper is to define the basic variables that explain variation on the labor markets in Europe from the gender point of view and to compare labor market in Serbia with European countries in order to identify the countries with the most similar gender performances, with intention to overview their experiences concerning the policy measures for gender gap reduction. Analysis is conducted through observations of activity rates, employment rates, unemployment rates, inactivity rates, and long-term unemployment rates. With use of factor analysis we have identified the main factors on the labor markets in Europe and on the basis of cluster analysis we have conducted grouping of countries on the basis of discovered factors. Identification of cluster with Serbia was conducted and also the place of the Serbian labor market in the same cluster. On the basis of quantitative results qualitative analysis was conducted to overview the experience in the field of gender differences on the labor market in the countries from the same cluster as Serbia, with special attention to Italy. Contemporary researches define labor market policy measures oriented to reduction of inequalities in the field of paid and unpaid labor. Decrease of these inequalities will consequently lead to the increase of female labor supply on the market. Final result of this research is the recommendation of policy measures in order to reduce gender differences in economic activity with final goal of creating modern society in Serbia and convergence with the most advanced countries in that field.
Higher Education Externalities in Egyptian Labor Markets  [PDF]
Hanan Nazier
Advances in Management and Applied Economics , 2013,
Abstract: Augmenting a Mincerian earnings function with governorate level data, this paper estimated the external return to higher education for individuals in Egypt in 2010. The results suggested that these externalities are negative and exist only for female workers, while for males these externalities were again negative but statistically insignificant. A unit increase in governorate average higher education is associated with a 68% decrease in females’ hourly wage. This could be explained by the fact that education degrees are simply used as a device to signal higher ability without raising productivity. Another reason could be excess supply of higher education graduates in the Egyptian labor market. These results have been tested through a number of robustness checks. Results survived to the introduction of individual and governorate level variables; it is not due to imperfect substitutability across workers; it still holds when treating local human capital as endogenous variable and instrumented it.
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