Existence Of Unique Limiting Probability Vectors In Stochastic Processes With Multiple Transition Matrices
AbstractConcepts 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.
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Bibliographic InfoArticle provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.
Volume (Year): 17 (1992)
Issue (Month): 02 (December)
Research Methods/ Statistical Methods;
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- 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(01), July.
- 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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