Projection of Farm Numbers for North Dakota With Markov Chains
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The Markov process was first applied in economics
to problems of relative structure, as for example in
the analysis of income and wage distributions. The
extension of such distributions over time was an
initial step in projection. The analysis in this paper
takes a further step by developing a method for
making projections of absolute numbers from an
appropriately modified Markov base. This new departure
represents both a weakness and a strength;
weakness because the modifying assumptions abstract
considerably from reality, but strength because
the technique covers a broader area of obvious need.