EXISTENCE OF UNIQUE LIMITING PROBABILITY VECTORS IN STOCHASTIC PROCESSES WITH MULTIPLE TRANSITION MATRICES

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dc.creatorMjelde, James W.
dc.creatorHarris, Wesley D.
dc.creatorConner, J. Richard
dc.creatorSchnitkey, Gary D.
dc.creatorGlover, Michael K.
dc.creatorGaroian, Lee
dc.date2017-04-01T20:11:38Z
dc.date.accessioned2026-07-09T04:11:16Z
dc.descriptionConcepts associated with stochastic process containing multiple transition matricies 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.
dc.identifierdoi:10.22004/ag.econ.30939
dc.identifierhttps://ageconsearch.umn.edu/record/30939/files/17020303.pdf
dc.identifierhttp://ageconsearch.umn.edu/record/30939
dc.identifier.urihttp://hdl.handle.net/123456789/546108
dc.languageeng
dc.publisher
dc.sourcehttp://ageconsearch.umn.edu/record/30939
dc.titleEXISTENCE OF UNIQUE LIMITING PROBABILITY VECTORS IN STOCHASTIC PROCESSES WITH MULTIPLE TRANSITION MATRICES
dc.typeText

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