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Growth Patterns of Two Types of Macro-Models: Limiting Behavior of One-and Two-Parameter Poisson-Dirichlet Models

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  • Masanao Aoki

    (Department of Economics, UCLA)

Abstract

This paper uses novel growth models composed of clusters of heterogeneous agents,and shows that limiting behavior of one-and two-parameter Poisson-Dirichlet models are qualitatively very different. As model sizes grow unboundedly, the coefficients of variations of extensive variables, such as the number of total clusters, and the numbers of clusters of specified sizes all approach zero in the one-parameter models, but not in the two-parameter models. In the calculations of the coefficients of variations Mittag-Le?er distributions arise naturally. We show that the distributions of the numbers of the clusters in the models havepower-lawbehavior.

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File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2006/2006cf446.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-446.

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Length: 9pages
Date of creation: Oct 2006
Date of revision:
Handle: RePEc:tky:fseres:2006cf446

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  1. Sutton, John, 2002. "The variance of firm growth rates: the ‘scaling’ puzzle," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 312(3), pages 577-590.
  2. Aoki,Masanao & Yoshikawa,Hiroshi, 2007. "Reconstructing Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521831062, 9.
  3. Scalas, Enrico, 2006. "The application of continuous-time random walks in finance and economics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 362(2), pages 225-239.
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