A Dynamic Probabilistic Version of the Aoki-Yoshikawa Sectoral Productivity Model

Artikel

In this paper, the authors explore a dynamical version of the Aoki and Yoshikawa model (AYM) for an economy driven by demand. They show that when an appropriate Markovian dynamics is taken into account, the AYM has different 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 different equilibrium probability distributions, including the Bose-Einstein distribution.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Journal: Economics: The Open-Access, Open-Assessment E-Journal ; ISSN: 1864-6042 ; Volume: 3 ; Year: 2009 ; Issue: 2009-15 ; Pages: 1-10 ; Kiel: Kiel Institute for the World Economy (IfW)

Classification and Topics

• Classification: Wirtschaft ; Relation of Economics to Other Disciplines ; Econometric Modeling: General ; General Equilibrium and Disequilibrium: General ; Labor Force and Employment, Size, and Structure
• Subject: Macroeconomics ; Markov processes ; Markov chains ; stochastic models ; statistical equilibrium in Economics ; Makroökonomik ; Dynamisches Gleichgewicht ; Markovscher Prozess ; Stochastischer Prozess ; Statistische Verteilung ; Theorie

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Scalas, Enrico ; Garibaldi, Ubaldo
• Event: Veröffentlichung
• (who): Kiel Institute for the World Economy (IfW)
• (where): Kiel
• (when): 2009

Further information

• DOI: doi:10.5018/economics-ejournal.ja.2009-15
• Handle: http://hdl.handle.net/10419/27535
• Last update: 10.03.2025, 11:44 AM CET