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Existence Of Unique Limiting Probability Vectors In Stochastic Processes With Multiple Transition Matrices

Author

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  • Mjelde, James W.
  • Harris, Wesley D.
  • Conner, J. Richard
  • Schnitkey, Gary D.
  • Glover, Michael K.
  • Garoian, Lee

Abstract

Concepts associated with stochastic process containing multiple transition matricies are discussed. It is proved that under certain conditions, a process with m transition matrices has m unique limiting probability vectors. This result extends the notion of discrete Markov processes to problems with intrayear and interyear dynamics. An example using a large DP model illustrates the usefulness of the concepts developed to applied problems.

Suggested Citation

  • Mjelde, James W. & Harris, Wesley D. & Conner, J. Richard & Schnitkey, Gary D. & Glover, Michael K. & Garoian, Lee, 1992. "Existence Of Unique Limiting Probability Vectors In Stochastic Processes With Multiple Transition Matrices," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 17(2), pages 1-11, December.
    • Handle: RePEc:ags:jlaare:30939
    DOI: 10.22004/ag.econ.30939
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    1. Disney, W. Terry & Duffy, Patricia A. & Hardy, William E., 1988. "A Markov Chain Analysis of Pork Farm Size Distributions in the South," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 20(2), pages 57-64, December.
    2. Lee Garoian & James W. Mjelde & J. Richard Conner, 1990. "Optimal Strategies for Marketing Calves and Yearlings from Rangeland," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(3), pages 604-613.
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    4. Disney, W. Terry & Duffy, Patricia A. & Hardy, William E., Jr., 1988. "A Markov Chain Analysis Of Pork Farm Size Distributions In The South," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 20(2), pages 1-8, December.
    5. Gustafson, Cole R., 1989. "Stochastic Dynamic Modeling: An Aid To Agricultural Lender Decision Making," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 14(1), pages 1-9, July.
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    1. Winsten, Jonathan R. & Stokes, Jeffrey R., 2004. "The efficacy of controlling phosphorus loading: the case of management-intensive grazing," Agricultural Systems, Elsevier, vol. 79(3), pages 283-303, March.

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