Cluster Size Distributions of Heterogeneous Economic Agents: Are there non-self-averaging phenomena in economics?
Masanao Aoki
No CIRJE-F-388, CIRJE F-Series from CIRJE, Faculty of Economics, University of Tokyo
Abstract:
This paper outlines the applications of one-and two-parameter Poisson-Dirichlet distributions to describe stationary statistical distributions of clus-ters of agents by types. We discuss how the notion of residudal allocation processes in statistics and population genetics literature also arises as stick-breaking processes in the physics literature. The phenomena of self-(non-) averaging in the physics literature are analogous to long-run non-vanishing of profits or variances of capital sizes in some disequilibrium economic dy-namics. We offer an economic interpretation of the physical notion of non-self-averaging as something that refers to the existence of long-run dise-quilibrium phenomena in economics, rather than thermodynamic limits in statistical physics, since both involve non-vanishing of variances as the size or the time goes to infinity.
Pages: 17 pages
Date: 2005-11
New Economics Papers: this item is included in nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:tky:fseres:2005cf388
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