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

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

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...

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Bibliographic Details
Main Authors: James W. Mjelde, Wesley D. Harris, J. Richard Conner, Gary D. Schnitkey, Michael K. Glover, Lee Garoian
Format: Article
Language:English
Published: Western Agricultural Economics Association 1992-12-01
Series:Journal of Agricultural and Resource Economics
Subjects:
dynamic programming
limiting probability vectors
stochastic processes
Online Access:https://ageconsearch.umn.edu/record/30939

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https://ageconsearch.umn.edu/record/30939

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