COLLOQUIUM OF THE COMPUTATIONAL MATERIALS SCIENCE CENTER – ROBERT AXTELL – FIRM DYNAMICS
COLLOQUIUM OF THE COMPUTATIONAL MATERIALS SCIENCE CENTER
AND THE DEPARTMENT OF COMPUTATIONAL AND DATA SCIENCES
(CSI 898-Sec 001)
Computational Social Science Program,
Department of Computational and Data Sciences
George Mason University, Fairfax, VA
Up until quite recently the theory of the firm within economics was data poor. We knew little about the empirical structure of firms outside of narrow samples (e.g., manufacturing firms in some specific region, small start-up firms in some sector, or the < 10K firms that are publicly owned and traded). Today we have data on all 6 million firms that have employees and the other 24 million that do not have employees. Some 120 million people work for these businesses in the U.S. private sector. After reviewing the very peculiar data on firm sizes, ages, growth rates, job tenure, wages paid, and so on, I will go on to describe a parsimonious model in which 120 million software agents arrange themselves into 6 million groups having most of the properties of U.S. firms. Several model variations will be discussed. These data and models constitute the main content my new book, “Dynamics of Firms: Data, Theories, and Models,” due out from MIT Press next year.
September 14, 2015 – 4:30 pm
Exploratory Hall, Room 3301
Refreshments will be served at 4:15 PM.