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3693. Modelling the choice between labour and leisure and short-run profit maximization of the monopsonist - bilevel programming approach
Invited abstract in session MD-43: Simulation in economics II, stream Agent-based Models in Management, Economic and Organisation Sciences.
Monday, 14:30-16:00Room: 99 (building: 306)
Authors (first author is the speaker)
1. | Mira Krpan
|
Faculty of Economics and Business - Zagreb | |
2. | Zrinka Lukac
|
Faculty of Economics and Business - Zagreb | |
3. | Vedran Kojić
|
Faculty of Economics and Business - Zagreb |
Abstract
This paper models the labour-leisure choice problem with Cobb-Douglas preferences and the short-run profit maximization problem of a monopsonist with Cobb-Douglas technology as a bilevel programming problem. The solution of the problem is discussed and the results are enriched by economic interpretations and numerical examples.
Keywords
- Economic Modeling
- Optimization Modeling
- Decision Analysis
Status: accepted
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