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A Dynamic Probabilistic Version of the Aoki-Yoshikawa Sectoral Productivity Model

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  • Scalas, Enrico
  • Garibaldi, Ubaldo

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. --

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File URL: http://dx.doi.org/10.5018/economics-ejournal.ja.2009-15
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File URL: http://econstor.eu/bitstream/10419/27535/1/economics_2009-15.pdf
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Bibliographic Info

Article provided by Kiel Institute for the World Economy in its journal Economics: The Open-Access, Open-Assessment E-Journal.

Volume (Year): 3 (2009)
Issue (Month): 15 ()
Pages: 1-10

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Handle: RePEc:zbw:ifweej:7601

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Related research

Keywords: Macroeconomics; Markov processes; Markov chains; stochastic models; statistical equilibrium in Economics;

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References

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  1. E. Scalas & U. Garibaldi & S. Donadio, 2007. "Statistical equilibrium in simple exchange games I," The European Physical Journal B - Condensed Matter and Complex Systems, Springer, vol. 60(2), pages 271-272, November.
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Cited by:
  1. AOYAMA Hideaki & IYETOMI Hiroshi & YOSHIKAWA Hiroshi, 2012. "Equilibrium Distribution of Labor Productivity," Discussion papers 12041, Research Institute of Economy, Trade and Industry (RIETI).
  2. Hideaki Aoyama & Hiroshi Iyetomi & Hiroshi Yoshikawa, 2012. "Equilibrium Distribution of Labor Productivity: A Theoretical Model," Papers 1205.2470, arXiv.org.

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