Cluster Size Distributions of Heterogeneous Economic Agents: Are there non-self-averaging phenomena in economics?
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.
|Date of creation:||Nov 2005|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.cirje.e.u-tokyo.ac.jp/index.html
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Aoki, Masanao, 2002.
"Open models of share markets with two dominant types of participants,"
Journal of Economic Behavior & Organization,
Elsevier, vol. 49(2), pages 199-216, October.
- Masanao Aoki, 2002. "Open Models of Share Markets with Two Dominant Types of Participants," UCLA Economics Online Papers 107, UCLA Department of Economics.
When requesting a correction, please mention this item's handle: RePEc:tky:fseres:2005cf388. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CIRJE administrative office)
If references are entirely missing, you can add them using this form.