This paper characterizes an intergenerational welfare state with endogenous education and pension choice under general equilibrium-probabilistic voting. We show that politically implementing public education program always increases the future human capital, but this higher future human capital...

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This paper reports on computational experiments for an agent-based computational economics (ACE) model of a labor market with choice and refusal of contractual partners and endogenously evolving work-site behaviors. Three types of labor market structures are examined: two-sided markets...

This study undertakes a systematic experimental investigation of hysteresis (path dependency) in an agent-based computational labor market framework. It is shown that capacity asymmetries between work suppliers and employers can result in two distinct hysteresis effects, network and behavioral,...

This paper reports on computational experiments for an agent-based computational economics (ACE) model of a labor market with choice and refusal of contractual partners and endogenously evolving work-site behavior. Three types of labor market structures are examined: two-sided markets comprising...

This study uses an agent-based computational experiments to examine the effects of a non-employment payment on network formation and work-site behaviors among workers and employers participating in a sequential employment game with incomplete contracts. Findings are compared with those obtained...

Why do government policymakers in open-ended dynamic economic models with period-by-period re-optimization tend to exhibit time inconsistency, in the sense that they systematically deviate in later periods from earlier planned policy paths? This article develops necessary and sufficient...

Real net social security wealth (NSSW), the real present value of social security benefits received minus social security taxes paid, is frequently used as a direct proxy measure for the impact of a social security system on generation welfare. This article examines the relationship between real...

Aggregation conditions permitting macro variables to be expressed as functions of other macro variables have long been sought in macroeconomics. For example, conditions have been sought permitting aggregate consumption to be expressed as a function of aggregate income, independently of the...