Long-run Behavior of Macroeconomic Models with Heterogeneous Agents: Asymptotic Behavior of One- and Two-Parameter Poisson-Dirichlet Distributions
AbstractThis paper discusses a symptotic behavior of one-and two-parameter Poisson-Dirichlet models, that is, Ewens models and its two parameter extensions by Pitman, and show that their a symptotic behavior arevery different. The paper shows asymptotic properties of a class of one-and two-parameter Poisson-Dirichlet distribution models are drastically different. Convergence behavioris expressedin termsof generalized Mittag-Leffler distributions in the statistics literature. The coefficients of variations of suitably normalized number of clusters andof clusters of specific sizesdo not vanish in the two-parameter version, but they do in one-parameter Ewens models.
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Bibliographic InfoPaper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-425.
Date of creation: May 2006
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-05-20 (All new papers)
- NEP-CBA-2006-05-20 (Central Banking)
- NEP-MAC-2006-05-20 (Macroeconomics)
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