Long-run Behavior of Macroeconomic Models with Heterogeneous Agents: Asymptotic Behavior of One- and Two-Parameter Poisson-Dirichlet Distributions

Masanao Aoki

No CIRJE-F-425, CIRJE F-Series from CIRJE, Faculty of Economics, University of Tokyo

Abstract: This paper discusses a symptotic behavior of one-and two-parameter Poisson-Dirichlet models, that is, Ewens models and its two parameter extensions by Pitman, and show that their a symptotic behavior arevery different. The paper shows asymptotic properties of a class of one-and two-parameter Poisson-Dirichlet distribution models are drastically different. Convergence behavioris expressedin termsof generalized Mittag-Leffler distributions in the statistics literature. The coefficients of variations of suitably normalized number of clusters andof clusters of specific sizesdo not vanish in the two-parameter version, but they do in one-parameter Ewens models.

Pages: 15pages
Date: 2006-05
New Economics Papers: this item is included in nep-cba and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:tky:fseres:2006cf425

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