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Cluster Size Distributions of Heterogeneous Economic Agents: Are there non-self-averaging phenomena in economics?

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  • Masanao Aoki

    (Department of Economics, University of California)

Abstract

This paper outlines the applications of one-and two-parameter Poisson-Dirichlet distributions to describe stationary statistical distributions of clus-ters of agents by types. We discuss how the notion of residudal allocation processes in statistics and population genetics literature also arises as stick-breaking processes in the physics literature. The phenomena of self-(non-) averaging in the physics literature are analogous to long-run non-vanishing of profits or variances of capital sizes in some disequilibrium economic dy-namics. We offer an economic interpretation of the physical notion of non-self-averaging as something that refers to the existence of long-run dise-quilibrium phenomena in economics, rather than thermodynamic limits in statistical physics, since both involve non-vanishing of variances as the size or the time goes to infinity.

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File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2005/2005cf388.pdf
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Bibliographic Info

Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-388.

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Length: 17 pages
Date of creation: Nov 2005
Date of revision:
Handle: RePEc:tky:fseres:2005cf388

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