Stochastic better-reply dynamics in finite games

In this paper, we analyze a model where individuals from finite populations are repeatedly drawn to play a finite game and in every period choose a weakly better reply to a sample distribution from a finite history of past play. For all finite games and sufficiently incomplete information, we prove convergence to minimal sets closed under better replies. This result complements previous findings in a deterministic continuous-time framework and implies convergence to strict Nash equilibria in many well-known classes of games.     

A Markov analysis of social learning and adaptation

A number of recent contributions to the literature have modelled social learning and adaptation in an economic context. Understanding the processes driving these models is important in order to explain and predict the behaviour of the economy. In this paper, we analyze the economic applications for a class of adaptive learning models with bounded rational agents. The dynamics of these economies can be thought of as arising from discrete-time Markov chains. In particular, conditions for uniqueness of equilibria, convergence and stability in the economic systems follow from the accessibility and communication structures of these Markov chains. We establish a correspondence between absorbing states of the Markov chains and economic equilibria, whether stable or unstable, and develop theorems giving conditions for absorption and recurrence. Furthermore, we develop practical applications of these theorems using a cobweb model. We use a genetic algorithm, operating under election, as an example of a well known adaptive learning process.     

中国区域经济增长俱乐部趋同及其演变分析--基于时空加权马尔科夫链的预测

利用马尔科夫链、空间马尔科夫链及时空加权马尔科夫链等方法,分析了中国所有地级市经济增长的趋同俱乐部空间分布及其演变趋势,认为：（1）中国地级市经济增长存在低水平、中低水平、中高水平及高水平等四个趋同俱乐部。（2）低水平趋同俱乐部主要集中在我国中部的落后地区及西部边远地区,且多为少数民族聚集地。高水平趋同俱乐部主要集中在我国中西部资源型城市及沿海城市。（3）邻居越发达,越有利于趋同俱乐部的演变。（4）从极限分布来看,与低收入邻居相邻未来67．5％的可能仍然属于低收入类型,与高收入邻居相邻未来65．2％的可能属于高收入类型。最后,提出制定有梯度的区域适配型政策、提高基本公共服务水平、以企业间的合作为纽带及以新型中小城镇及城市群为增长极等政策建议。     

Almost sure convergence to zero in stochastic growth models

This paper considers the resource constraint commonly used in stochastic one-sector growth models. Shocks are not required to be i.i.d. It is shown that any feasible path converges to zero exponentially fast almost surely under a certain condition. In the case of multiplicative shocks, the condition means that the shocks are sufficiently volatile. Convergence is faster the larger their volatility, and the smaller the maximum average product of capital.I would like to thank Santanu Roy, John Stachurski, Lars J. Olson, and an anonymous referee for helpful comments and suggestions. The general result in section 2 owes much to the referee’s comments on an earlier version of this paper. Financial support from the 21 Century COE Program at GSE and RIEB, Kobe University is gratefully acknowledged.     

比较优势的动态性质:来自中国农产品的经验分析

本文以独立随机增量过程--马尔可夫链为分析工具,对我国农产品的比较优势进行实证分析.结果表明,该方法不仅能准确反映一国(或地区)比较优势的动态变化规律,还为我国农业产业结构调整提供了科学依据.     

Stochastic stability and time-dependent mutations

This paper considers stochastic stability analysis in evolutionary models with time-dependent mutations. It takes a class of time-homogeneous Markov models where the transition probabilities are approximately polynomial functions of the mutation parameter and allows the mutation parameter to decline to zero over time. The main result shows that as long as the mutation parameter converges to zero slowly enough and its variation is finite, the resulting time-inhomogeneous model has a limiting distribution regardless of the details of the mutation process. Moreover, a bound on the required rate of decline is explicitly expressed as a function of the minimum coradius of the limit sets and the transition probabilities within the minimum coradius set.     

旅客行为时间价值的Logit计算模型改进研究

本文详细分析了旅客行为时间价值的影响因素,并在此基础上分析了用Logit模型确定旅客行为时间价值的理论方法。本文尝试对原有的计算模型进行改进,将旅客收入这一变量引入Logit模型,分析旅客收入对旅客出行决策的影响,以更准确地估测旅客时间价值、提高投资决策的准确性。     

技术效率、资本深化与地区差异——基于随机前沿模型的中国地区收敛分析

本文提出了基于随机前沿生产函数的地区增长差异分析框架,将各地区劳均产出差距分解为劳均资本差异、经济规模差异和全要素生产率差异三个部分。利用改革时期的省级数据,本文发现尽管要素投入仍然是中国经济增长的主要源泉,但全要素生产率是造成地区差异的重要原因,在地区劳均产出差异中的贡献份额不断提高,将成为今后中国地区增长差异的主要决定力量。而且,1990年以来中国地区全要素生产率呈现出绝对发散趋势,严重的技术扩散壁垒加剧了体制转轨过程中的“马太效应”,短期内地区差距不会随经济发展而缩小,政府需要通过适当的政策对地区发展进行调节,尤其要促进地区间技术扩散,使各地区更好地分享技术创新和体制创新的成果。     

Spatial analysis of urban growth in Spain, 1900–2001

The purpose of this paper is to improve the knowledge of the Spanish urban system. We study the evolution of population growth among the group of 722 municipalities included in the Spanish urban areas over the period 1900–2001. A spatial SUR model is estimated for Zipf’s law and shows the existence of two main phases: divergence (1900–1980) and convergence (1980–2001). Then, the cross-sectional distribution of urban population is characterized by means of nonparametric estimations of density functions and the growth process is modeled as a first-order stationary Markov chain. Spatial effects are finally introduced within the Markov chain framework using regional conditioning. This analysis shows a low interclass mobility, i.e., a high-persistence of urban municipalities to stay in their own class from one decade to another over the whole period, and the influence of the geographical environment on urban population dynamism. Previous versions of this paper were presented at the 45th Congress of the European Regional Science Association (Vrije Universiteit, Amsterdam, Netherlands, August 23–27, 2005) and at the International Workshop on Spatial Econometrics and Statistics (Rome, Italy, May 25–27, 2006). We would like to thank two anonymous referees, M. Bosker, P. Cheshire, A. Carrington, B. Fingleton, R. Guillain, E. Lopez-Bazo, J. Paelinck and the other participants of these meetings for their valuable comments. Coro Chasco acknowledges financial support from the Spanish Ministry of Education and Science SEJ2006-14277-C04-01. The usual disclaimers apply.     

Evolutionary choice of markets

We consider an economy where a finite set of agents can trade on one of two asset markets. Due to endogenous participation the markets may differ in the liquidity they provide. Traders have idiosyncratic preferences for the markets, e.g.due to differential time preferences for maturity dates of futures contracts. For a broad range of parameters we find that no trade, trade on both markets (individualization) as well as trade on one market only (standardization) is supported by a Nash equilibrium. By contrast, whenever the number of traders becomes large, the evolutionary process selects a unique stochastically stable state which corresponds to the equilibrium with two active markets and coincides with the welfare maximizing market structure. We are grateful to Thorsten Hens, Fernando Vega-Redondo and a referee for valuable comments. We also thank seminar participants at the University of Zurich, the CES research seminar at the University of Munich, the Koc University in Istanbul as well as conference participants at the SAET conference in Ischia, the ESEM in Lausanne and the ESF workshop on Behavioural Models in Economics and Finance in Vienna. A first version of the paper was written while Marc Oliver Bettzüge was visiting the Institute for Empirical Research in Economics at the University of Zurich. Financial Support by the Swiss Banking Institute and by the National Centre of Competence in Research “Financial Valuation and Risk Management” (NCCR FINRISK) is gratefully acknowledged. The NCCR FINRISK is a research program supported by the Swiss National Science Foundation.     

Stochastic bequest games

In this paper, we prove the existence of a stationary Markov perfect equilibrium for a stochastic version of the bequest game. A novel feature in our approach is the fact that the transition probability need not be non-atomic and therefore, the deterministic production function is not excluded from consideration. Moreover, in addition to the common expected utility we also deal with a utility that takes into account an attitude of the generation towards risk.     

Estimates of output gaps in four Southeast Asian countries

The output gaps derived for four countries using a generalized Hamilton model are compared with conventional output gap estimates. Further research is needed to explain why the output gap identifies crisis episodes as slowdowns instead of recessions in some countries.     

“互联网+”时代基于Markov链的企业战略联盟生态圈合作伙伴选择分析

提出了在"互联网+"时代企业战略联盟生态圈的概念,探讨了企业战略联盟生态圈的创新范式,构建了基于Markov链的企业战略联盟生态圈合作伙伴动态模糊综合评价模型,并采用算例检验了该模型的可行性。     

县域创新水平时空跃迁路径与趋同演化规律分析

实现创新驱动发展的基础在县域。采用标准差椭圆与空间马尔可夫链方法,基于山西省2008-2016年119个研究单元的专利数据,对县级尺度创新水平的时空特征与创新趋同演化规律进行分析。结果表明：①山西省县域创新空间重心发生了3次迁移,分别是2008-2013年向东北方向迁移明显,2013-2015年转向西南方向,2015年以来沿东北方向回迁,整体上表现为由祁县转移至清徐县。结合标准差椭圆移动轨迹,县域创新水平“东北—西南”格局稳定,主轴方向趋于分散化,辅轴方向趋于集中化;②依创新水平均值可把县域分为低水平、中低水平、中高水平和高水平4种类型,这些类型呈现的以省会和个别综合实力较强县域为主的“中心—外围”空间格局短期内不易被打破。不同类型存在向更高层次创新趋同转变的可能,但实现跨级跃迁的概率较低;③邻域创新水平对县域创新类型趋同转变具有重要作用,转变方向倾向于与邻域转变方向一致,这在一定程度上解释了县域创新水平的局部空间极化现象。     

A theoretical perspective on managed rangelands and irreversible states

In spite of a manager's best attempts, a managed rangeland may hit an irreversible state in which it provides neither consumptive nor nonconsumptive services to humans. Therefore, given a particular time-based management regime, it is useful to know how long it takes for a rangeland to hit the irreversible state. The purpose of this paper is to conduct a theoretical analysis of this and related questions. In particular, we first provide a stochastic characterization of a time-based range management regime. Second, we ascertain the expected amount of time it takes for our managed rangeland to hit the irreversible state. Third, we discuss the properties of the above mathematical expectation. Finally, we pose and discuss a simple optimization problem for our range manager.