A Dynamic Probabilistic Version of the Aoki-Yoshikawa Sectoral Productivity Model
AbstractIn 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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Bibliographic InfoArticle 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 ()
Macroeconomics; Markov processes; Markov chains; stochastic models; statistical equilibrium in Economics;
Find related papers by JEL classification:
- A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
- C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
- J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
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