On the statistical dynamics of economics Huang, Weihong

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Author
Huang, Weihong
Appears In
Journal of Economic Behavior & Organization
Subjects
Ergodic theory -- Usage; Economics; Business
Audience
Academic
Summary
To link to full-text access for this article, visit this link: http://dx.doi.org/10.1016/j.jebo.2004.06.009 Byline: Weihong Huang Abstract: Statistical properties are explored for typical ergodic processes in economics. A paradox has been observed - although the long-run average of a variable may converge to a constant, its average growth rate in the long-run is always non-negative so as to induce an illusion of growth. The same characteristic exists even if a dynamic process is reversed. For the chaotic and ergodic processes involving a limited growth rate mechanism, it is demonstrated that chaos may be preferred to a equilibrium in the sense that the long-run average return may be higher than the equilibrium return. Author Affiliation: School of Humanities and Social Sciences, Nanyang Technological University, Nanyang Avenue, Singapore 639798, Singapore
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https://trove.nla.gov.au/work/230611
Work ID
230611

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e.g. test cricket, Perth (WA), "Parkes, Henry"

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