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Equilibrium Mobility

  • Robert Aebi
  • Klaus Neusser
  • Peter Steiner

This paper proposes to measure the mobility of a stochastic process as the expected value of a "mobility functional" with respect to its stationary distribution. The mobility functional thereby measures the valuation of movements between states. We not only highlight the conceptual advantages of our approach, but also show how this so-called "equilibrium mobility index" relates to the axiomatic approach by Fields and Ok (7) and the approach based on monotone transition matrices by Conlisk (4) and Dardanoni (5))

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File URL: http://www.vwl.unibe.ch/papers/dp/dp0408.pdf
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Paper provided by Universitaet Bern, Departement Volkswirtschaft in its series Diskussionsschriften with number dp0408.

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Date of creation: May 2004
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Handle: RePEc:ube:dpvwib:dp0408
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Web page: http://www.vwi.unibe.ch/content/publikationen/index_eng.html

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  1. Robert Aebi & Klaus Neusser & Peter Steiner, 2005. "A Large Deviation Approach to the Measurement of Mobility," Diskussionsschriften dp0518, Universitaet Bern, Departement Volkswirtschaft.
  2. Fields, Gary S. & Ok, Efe A., 1996. "The Meaning and Measurement of Income Mobility," Journal of Economic Theory, Elsevier, vol. 71(2), pages 349-377, November.
  3. Tapan Mitra & Efe A. Ok, 1998. "The measurement of income mobility: A partial ordering approach," Economic Theory, Springer, vol. 12(1), pages 77-102.
  4. Dardanoni Valentino, 1993. "Measuring Social Mobility," Journal of Economic Theory, Elsevier, vol. 61(2), pages 372-394, December.
  5. Geweke, John & Marshall, Robert C & Zarkin, Gary A, 1986. "Mobility Indices in Continuous Time Markov Chains," Econometrica, Econometric Society, vol. 54(6), pages 1407-23, November.
  6. Shorrocks, A F, 1978. "The Measurement of Mobility," Econometrica, Econometric Society, vol. 46(5), pages 1013-24, September.
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