Patterns of Non-exponential Growth of Macroeconomic Models: Two-parameter Poisson-Dirichlet Models
This paper discusses non-exponential growth patterns of macroeconomic models. More specifically, the paper discusses asymptotic growth patterns of the numbers of clusters and of components of partition vectors, that is, the number of clusters of specific sizes, of one-andtwo-parameter Poisson-Dirichlet models as the model sizes grow towards infinity. As the model sizes become large, the coefficients of variaation of the cluster sizes and components of the partition vector tend to zero in one-parameter Poisson-Dirichlet model, but they remain positive in the two-parameter version. Furthermore, the two-parameter version of the model exhibits power-law behavior, while the one-parameter versiondoes not. The growth behavior of the two-parameter models is shown to be expressed in terms of generalized Mittag-Leffler distributions. The paper ends with preliminary discussion of the effects of demand pattern management policies on growth patterns of models that endogenize the parameters of the two-parameter Poisson-Dirichlet model.
|Date of creation:||Nov 2006|
|Date of revision:|
|Contact details of provider:|| Postal: Hongo 7-3-1, Bunkyo-ku, Tokyo 113-0033|
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, 2008.
"Thermodynamic limits of macroeconomic or financial models: One- and two-parameter Poisson-Dirichlet models,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 32(1), pages 66-84, January.
- Masanao Aoki, . "Thermodynamic Limits of Macroeconomic or Financial Models: One- and Two-Parameter Poisson-Dirichlet Models," UCLA Economics Online Papers 391, UCLA Department of Economics.
- Masanao Aoki, 2006. "Thermodynamic Limits of Macroeconomic or Financial Models: One-and Two-Parameter Poisson-Dirichlet Models," CIRJE F-Series CIRJE-F-445, CIRJE, Faculty of Economics, University of Tokyo.
When requesting a correction, please mention this item's handle: RePEc:tky:fseres:2006cf449. 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.