Job satisfaction as a unified mechanism for agent behaviour in a labour market with referral hiring Online publication date: Sat, 25-Jun-2016
by Alexander Tarvid
International Journal of Computational Economics and Econometrics (IJCEE), Vol. 6, No. 3, 2016
Abstract: This paper proposes to use job satisfaction (JS) as a unified mechanism for guiding agents' behaviour in the labour market. In the labour-market model presented here, JS affects agents' decisions on which vacancies to apply for, which of them to select in case of receiving several acknowledgements from firms and whether to quit the current job. The performance of the model depending on the structure of JS is studied. The model where JS depends on monetary (relative wages), social (relative number of friends), content and career components is compared with models where JS has only the first or the first two of these. It creates a more realistic firm size distribution and smaller duration of unemployment and on-the-job search. Average JS increases but median wages decrease with firm size for both manual and non-manual jobs. All models generate the Beveridge curve and log-normal distribution of wages.
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