A Note on Aoki-Yoshikawa Model
AbstractIn this paper, we explore a dynamical version of by Aoki and Yoshikawa model (AYM) for an economy driven by demand. We show that when an appropriate Markovian dynamics is taken into account, AYM has di¤erent 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 di¤erent equilibrium probability distributions, including the Bose-Einstein distribution. --
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Bibliographic InfoPaper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2008-38.
Date of creation: 2008
Date of revision:
Macroeconomics; Markov processes; Markov chains; stochastic models; statistical equilibrium in Economics;
Find related papers by JEL classification:
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
- J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
- C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
- A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-01-03 (All new papers)
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