Date of Graduation
5-2018
Document Type
Thesis
Degree Name
Bachelor of Science
Degree Level
Undergraduate
Department
Computer Science and Computer Engineering
Advisor/Mentor
Li, Wing Ning
Committee Member/Reader
Li, Wing Ning
Committee Member/Second Reader
Patitz, Matthew
Committee Member/Third Reader
Thompson, Dale
Abstract
This paper seeks to identify and describe the economic impacts of adjusting the minimum wage on employment. The approach taken is constructing an agent-based simulation using the well-known software suite NetLogo. The simulation models business and consumer behavior through a set of governing economic principles, yet also provides randomization to more accurately account for occasional outliers and human irrationality. The results of the simulation indicate relatively small changes in employment among minimum wages between $7.25 and $10.00, with a gradual decrease thereafter.
Citation
Snyder, L. (2018). An Agent-Based Approach to Simulating the Minimum Wage Market. Computer Science and Computer Engineering Undergraduate Honors Theses Retrieved from https://scholarworks.uark.edu/csceuht/55