EconStor >
Institut für Weltwirtschaft (IfW), Kiel >
Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/27535
  
Title:A Dynamic Probabilistic Version of the Aoki-Yoshikawa Sectoral Productivity Model PDF Logo
Authors:Scalas, Enrico
Garibaldi, Ubaldo
Issue Date:2009
Citation:[Journal:] Economics: The Open-Access, Open-Assessment E-Journal [Volume:] 3 [Issue:] 2009-15 [Pages:] 1-10 [DOI/URN:] doi:10.5018/economics-ejournal.ja.2009-15
Series/Report no.:economics - The Open-Access, Open-Assessment E-Journal 2009-15
Abstract:In this paper, the authors explore a dynamical version of the Aoki and Yoshikawa model (AYM) for an economy driven by demand. They show that when an appropriate Markovian dynamics is taken into account, the AYM has different equilibrium distributions depending on the form of transition probabilities. In the version of the dynamic AYM presented here, transition probabilities depend on a parameter c tuning the choice of a new sector for workers leaving their sector. The solution of Aoki and Yoshikawa is recovered only in the case c = 0. All the other possible cases give different equilibrium probability distributions, including the Bose-Einstein distribution.
Subjects:Macroeconomics
Markov processes
Markov chains
stochastic models
statistical equilibrium in Economics
JEL:A12
C50
D50
J21
Persistent Identifier of the first edition:doi:10.5018/economics-ejournal.ja.2009-15
URL of the first edition:http://www.economics-ejournal.org/economics/journalarticles/2009-15
Creative Commons License:http://creativecommons.org/licenses/by-nc/2.0/de/deed.en
Document Type:Article
Appears in Collections:Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles

Files in This Item:
File Description SizeFormat
economics_2009-15.pdf261.03 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/27535

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.