TY - EJOUR AB - 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. AU - Mjelde, James W. AU - Harris, Wesley D. AU - Conner, J. Richard AU - Schnitkey, Gary D. AU - Glover, Michael K. AU - Garoian, Lee DA - 1992-12 DA - 1992-12 DO - 10.22004/ag.econ.30939 DO - doi EP - 313 EP - 303 ID - 30939 IS - 2 JF - Journal of Agricultural and Resource Economics KW - Research Methods/ Statistical Methods L1 - https://ageconsearch.umn.edu/record/30939/files/17020303.pdf L2 - https://ageconsearch.umn.edu/record/30939/files/17020303.pdf L4 - https://ageconsearch.umn.edu/record/30939/files/17020303.pdf LA - eng LA - English LK - https://ageconsearch.umn.edu/record/30939/files/17020303.pdf N2 - 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. PY - 1992-12 PY - 1992-12 SP - 303 T1 - EXISTENCE OF UNIQUE LIMITING PROBABILITY VECTORS IN STOCHASTIC PROCESSES WITH MULTIPLE TRANSITION MATRICES TI - EXISTENCE OF UNIQUE LIMITING PROBABILITY VECTORS IN STOCHASTIC PROCESSES WITH MULTIPLE TRANSITION MATRICES UR - https://ageconsearch.umn.edu/record/30939/files/17020303.pdf VL - 17 Y1 - 1992-12 T2 - Journal of Agricultural and Resource Economics ER -