Equilibrium Mobility

Robert Aebi, Klaus Neusser () and Peter Steiner

Diskussionsschriften from Universitaet Bern, Departement Volkswirtschaft

Abstract: This paper proposes to measure the mobility of a stochastic process as the expected value of a "mobility functional" with respect to its stationary distribution. The mobility functional thereby measures the valuation of movements between states. We not only highlight the conceptual advantages of our approach, but also show how this so-called "equilibrium mobility index" relates to the axiomatic approach by Fields and Ok (7) and the approach based on monotone transition matrices by Conlisk (4) and Dardanoni (5))

Keywords: Mobility indices; mobility functional; equilibrium mobility (search for similar items in EconPapers)
JEL-codes: C22 J62 (search for similar items in EconPapers)
Date: 2004-05
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Persistent link: http://EconPapers.repec.org/RePEc:ube:dpvwib:dp0408

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