Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/27535
Authors: 
Scalas, Enrico
Garibaldi, Ubaldo
Year of Publication: 
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
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: 
Creative Commons License: 
http://creativecommons.org/licenses/by-nc/2.0/de/deed.en
Document Type: 
Article

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