Growth Patterns of Two Types of Macro-Models: Limiting Behavior of One-and Two-Parameter Poisson-Dirichlet Models

Masanao Aoki

No CIRJE-F-446, CIRJE F-Series from CIRJE, Faculty of Economics, University of Tokyo

Abstract: This paper uses novel growth models composed of clusters of heterogeneous agents,and shows that limiting behavior of one-and two-parameter Poisson-Dirichlet models are qualitatively very different. As model sizes grow unboundedly, the coefficients of variations of extensive variables, such as the number of total clusters, and the numbers of clusters of specified sizes all approach zero in the one-parameter models, but not in the two-parameter models. In the calculations of the coefficients of variations Mittag-Le?er distributions arise naturally. We show that the distributions of the numbers of the clusters in the models havepower-lawbehavior.

Pages: 9pages
Date: 2006-10
New Economics Papers: this item is included in nep-mac
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Related works:
Chapter: Growth Patterns of Two Types of Macro-Models: Limiting Behavior of One- and Two-Parameter Poisson–Dirichlet Models (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:tky:fseres:2006cf446

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