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

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  • Scalas, Enrico
  • Garibaldi, Ubaldo

Abstract

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.

Suggested Citation

  • Scalas, Enrico & Garibaldi, Ubaldo, 2009. "A Dynamic Probabilistic Version of the Aoki-Yoshikawa Sectoral Productivity Model," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 3, pages 1-10.
    • Handle: RePEc:zbw:ifweej:7601
    DOI: 10.5018/economics-ejournal.ja.2009-15
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    References listed on IDEAS

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    1. Aoki,Masanao & Yoshikawa,Hiroshi, 2011. "Reconstructing Macroeconomics," Cambridge Books, Cambridge University Press, number 9781107634206, January.
    2. E. Scalas & U. Garibaldi & S. Donadio, 2007. "Statistical equilibrium in simple exchange games I," The European Physical Journal B: Condensed Matter and Complex Systems, Springer;EDP Sciences, vol. 60(2), pages 271-272, November.
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    Cited by:

    1. AOYAMA Hideaki & IYETOMI Hiroshi & YOSHIKAWA Hiroshi, 2012. "Equilibrium Distribution of Labor Productivity," Discussion papers 12041, Research Institute of Economy, Trade and Industry (RIETI).
    2. Bednarek, Ilona & Makowski, Marcin & Piotrowski, Edward W. & Sładkowski, Jan & Syska, Jacek, 2015. "Generalization of the Aoki–Yoshikawa sectoral productivity model based on extreme physical information principle," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 428(C), pages 161-172.
    3. Vygintas Gontis & Aleksejus Kononovicius, 2014. "Consentaneous Agent-Based and Stochastic Model of the Financial Markets," PLOS ONE, Public Library of Science, vol. 9(7), pages 1-12, July.
    4. Hideaki Aoyama & Hiroshi Iyetomi & Hiroshi Yoshikawa, 2012. "Equilibrium Distribution of Labor Productivity: A Theoretical Model," Papers 1205.2470, arXiv.org.
    5. Hideaki Aoyama & Hiroshi Iyetomi & Hiroshi Yoshikawa, 2015. "Equilibrium distribution of labor productivity: a theoretical model," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 10(1), pages 57-66, April.

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    More about this item

    Keywords

    Macroeconomics; Markov processes; Markov chains; stochastic models; statistical equilibrium in Economics;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure

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