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...
| Main Authors: | , , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Western Agricultural Economics Association
1992-12-01
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| Series: | Journal of Agricultural and Resource Economics |
| Subjects: | |
| Online Access: | https://ageconsearch.umn.edu/record/30939 |
| Summary: | 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. |
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| ISSN: | 1068-5502 2327-8285 |