EXISTENCE OF UNIQUE LIMITING PROBABILITY VECTORS IN STOCHASTIC PROCESSES WITH MULTIPLE TRANSITION MATRICES

Concepts associated with stochastic process containing multiple transition matricies are discussed. It is proved that under certain conditions, a process with m transition matrices has m unique limiting probability vectors. This result extends the notion of discrete Markov processes to problems with intrayear and interyear dynamics. An example using a large DP model illustrates the usefulness of the concepts developed to applied problems.

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Year of publication:	1992
Authors:	Mjelde, James W. ; Harris, Wesley D. ; Conner, J. Richard ; Schnitkey, Gary D. ; Glover, Michael K. ; Garoian, Lee
Published in:	Journal of Agricultural and Resource Economics. - Western Agricultural Economics Association - WAEA. - Vol. 17.1992, 02
Publisher:	Western Agricultural Economics Association - WAEA
Subject:	Research Methods/ Statistical Methods

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Extent:	application/pdf
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://ebvufind01.dmz1.zbw.eu/10005525408