On the statistical properties of ergodic economic systems

DOI10.1155/S102602260100019XMaRDI QIDQ5953850zbMATH OpenOpenAlexFDO

Authors Weihong Huang, Richard H. Day

Publication date 2 January 2003

Published in Discrete Dynamics in Nature and Society (Search for Journal in Brave)

Full work available at URL https://eudml.org/doc/122245

zbMATH Keywords

chaosergodic systemsnonlinear dynamicsstatistical dynamicstatonnement

Mathematics Subject Classification ID

Ergodic theory (37A99) Economic growth models (91B62)

Review text

Summary: We reveal some important statistical properties of ergodic processes, which have never been discussed in the literature. These properties not only help us to understand better the internal mechanism of an ergodic process but also provide new insights about dynamical economic processes. It is found that, for a broader class of one-dimensional, discrete time process widely applied in economics, the average growth rate of an ergodic process is always positive, regardless of the explicit form of the process.

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Cited in

(5)

• Classical ergodicity and modern portfolio theory
• Seeking ergodicity in dynamic economies
• RANDOM DYNAMICAL SYSTEMS IN ECONOMICS
• On the long-run average growth rate of chaotic systems
• A statistical mechanic view of macro-dynamics in economics

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