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Multicolor Urn Process and Equilibrium

In: Urn Models and Their Applications in Finance

Author

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  • Masato Hisakado

    (Nomura Hodings, Inc.)

Abstract

In this chapter, we extend the Pólya urn model to the multicolor urn. The EwensEwens, W.J. sampling formula is a one-parameter probability distribution on the set of all partitions of an integer (Ewens 1990)Ewens, W.J.. The Pitman sampling formula is a two-parameter extension of the EwensEwens, W.J. sampling formula (Pitman 2006)Pitman, J.. The Pitman-Yor process (Pitman and Yor 1997)Pitman, J. and a generalized Pólya urnGeneralized Pólya urn (Yamato and Shibuya 2001) are the non-equilibrium stochastic processes that derive the Pitman sampling formula (Pitman 2006)Pitman, J.. These processes permit new entries of individuals and an increasing number of them.

Suggested Citation

  • Masato Hisakado, 2025. "Multicolor Urn Process and Equilibrium," Springer Books, in: Urn Models and Their Applications in Finance, chapter 0, pages 107-117, Springer.
    • Handle: RePEc:spr:sprchp:978-981-96-3825-3_7
    DOI: 10.1007/978-981-96-3825-3_7
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