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  -