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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, 14:30-16:00
Room: 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

Status: accepted


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