Generalized Urn Schemes and Technological Dynamics
Authors: Dosi G, Ermoliev YM, Kaniovski YM
Publication Year: 1994
Reference: Journal of Mathematical Economics, 23:1-19 [1994]
Abstract
The paper deals with a class of stochastic models of technological diffusion based on so-called generalized urn schemes. The models exhibit non-ergodic limit behavior. In contrast to existing models based on urn schemes, the initial state influences not only the limit of the shape distribution, but also the support of this distribution. The authors consider the case of strategic price manipulation that can be applied to other cases, for example, models of bargaining.
The study concentrates on one of the three major directions of the TED project, namely, modeling of macroeconomic issues.
The study concentrates on one of the three major directions of the TED project, namely, modeling of macroeconomic issues.