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dc.contributor.advisor
dc.contributor.authorFarhat, Dan
dc.date.available2011-09-20T21:20:44Z
dc.date.copyright2011
dc.identifier.citationFarhat, D. (2011). Bookworms versus Party Animals: An Artificial Labor Market with Human and Social Capital Accumulation (Economics Discussion Papers Series No. 1103). Univeristy of Otago. Retrieved from http://hdl.handle.net/10523/1870en
dc.identifier.issn1178-2293
dc.identifier.urihttp://hdl.handle.net/10523/1870
dc.description.abstractData show that educated workers earn higher wages and face lower unemployment rates. Economists believe this is due to improvements in human capital while sociologists believe that social capital (or network formation) developed at school is important. While these may serve as reasons why schooling benefits workers, how education generates these outcomes is often overlooked. This paper builds an agent-based computational model that features human and social capital accumulation, formal schooling and on-the-job training, labor market search and durable contracts to explain how the linkages between educational attainment, labor market outcomes and economic performance are generated. Sample simulations of the artificial market show how human capital can improve outcomes for workers (and the economy as a whole), but imply social capital alone is deficient. In other words, if human capital and social capital compete to explain of the benefits of education, human capital wins.en_NZ
dc.format.mimetypeapplication/pdf
dc.language.isoenen_NZ
dc.publisherUniveristy of Otagoen_NZ
dc.relation.ispartofseriesEconomics Discussion Papers Seriesen_NZ
dc.relation.urihttp://www.business.otago.ac.nz/econ/research/discussionpapers/index.htmlen_NZ
dc.subjectAgent-based modelingen_NZ
dc.subjecthuman capital
dc.subjectsocial capital
dc.subjectmacroeconomic impacts of education
dc.titleBookworms versus Party Animals: An Artificial Labor Market with Human and Social Capital Accumulationen_NZ
dc.typeDiscussion Paperen_NZ
otago.schoolDepartment of Economicsen_NZ
otago.openaccessOpen
otago.relation.number1103en_NZ
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