Existence of Unique Limiting Probability Vectors in Stochastic Processes with Multiple Transition Matrices

Autor:	James W. Mjelde, Wesley D. Harris, J. Richard Conner, Gary D. Schnitkey, Michael K. Glover, Lee Garoian
Jazyk:	angličtina
Rok vydání:	1992
Předmět:	dynamic programming limiting probability vectors stochastic processes Agriculture
Zdroj:	Journal of Agricultural and Resource Economics, Vol 17, Iss 2, Pp 303-313 (1992)
Druh dokumentu:	article
ISSN:	1068-5502 2327-8285
DOI:	10.22004/ag.econ.30939
Popis:	Concepts associated with stochastic process containing multiple transition matrices 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.
Databáze:	Directory of Open Access Journals
Externí odkaz:	https://doaj.org/article/c71dd3c9d90148a2b541124283be323e Zobrazit plný text záznamu View record in DOAJ