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Journal of Agricultural and Resource Economics >
Volume 17, Number 02, December 1992 >
Please use this identifier to cite or link to this item:
http://purl.umn.edu/30939
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| Title: | EXISTENCE OF UNIQUE LIMITING PROBABILITY VECTORS IN STOCHASTIC PROCESSES WITH MULTIPLE TRANSITION MATRICES |
| Authors: | Mjelde, James W.
Harris, Wesley D.
Conner, J. Richard
Schnitkey, Gary D.
Glover, Michael K.
Garoian, Lee |
| Issue Date: | 1992-12 |
| Abstract: | 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. |
| URI: | http://purl.umn.edu/30939 |
| Institution/Association: | Journal of Agricultural and Resource Economics>Volume 17, Number 02, December 1992 |
| Total Pages: | 11 |
| Language: | English |
| From Page: | 303 |
| To Page: | 313 |
| Collections: | Volume 17, Number 02, December 1992
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| 17020303.pdf | 819Kb | PDF | View/Open |
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