Advertisement

Exchangeability and the Structure of the Economy

Chapter
  • 21 Downloads

Abstract

The economy is partitioned into a segmented mosaic of communicating sectors comprising the ‘industrial’ structure. The structure is all-encompassing in that each member of the society belongs to one or more of these partitions. Industries include the typical industries like steel, automobile, etc. but also the less conventional industries: retirement, homekeeping, education from preschool to post-graduate, prisons, and sanitoria. Each of these industries is composed of firms; a firm is partitioned into teams and each worker belongs to one or more teams.

Keywords

Markov Process Business Cycle Point Process Queue Length Sojourn Time 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Alchian, A. A. (1970) Information Costs, Pricing and Resource Employment’, in E. S. Phelps (ed.), Microeconomic Foundations of Employment and Inflation Theory (New York: W.W. Notton): 27–52.Google Scholar
  2. Aldous, D. J. (1982) ‘Some inequalities for reversible Markov chains’, Journal of the London Mathematical Society, 25: 564–76.CrossRefGoogle Scholar
  3. Barbour, A. D. (1976) ‘Network of queues and method of stages’ Advances in Applied Probability, 8: 584–91.CrossRefGoogle Scholar
  4. Billingsley, P. (1968) Convergence of Probability Measures (New York: John Wiley).Google Scholar
  5. Brémaud, P. (1981) Point Processes and Queues (Berlin: Springer-Verlag).CrossRefGoogle Scholar
  6. Brock, W. A. (1986) ‘Distinguishing random and deterministic systems: abridged version’, Journal of Economic Theory, 40: 168–95.CrossRefGoogle Scholar
  7. Burman, D. Y. (1981) ‘Insensitivity in queueing systems’, Advances in Applied Probability, 13:846–59.CrossRefGoogle Scholar
  8. Disney, R. L. and König, D. (1985) ‘Queueing networks: a survey of theoretic random processes’. SIAM Review, 27: 335–403.CrossRefGoogle Scholar
  9. Eckberg, A. E., Jr (1977) ‘Sharp bounds on LaPlace-Stieltjes transforms with applications to various queueing problems’ Mathematics of Operations Research, 2: 135–42.CrossRefGoogle Scholar
  10. Erlang, A. K. (1917) ‘Solution of Some Problems in the Theory of Probabilities of Significance in Automatic Telephone Exchanges’, Post Office Electrical Engineer’s Journal, 10: 189–97.Google Scholar
  11. Feller, W. (1971) An Introduction to Probability Theory and its Applications, vol. II (New York: John Wiley).Google Scholar
  12. Feynman, R. (1964) The Feynman Lectures on Physics (Reading, Mass.: Addison-Wesley).Google Scholar
  13. Finetti, B. de (1964) ‘Foresight: its logical laws and subjective sources’, in Kyburg, H. E. and Smokier, H. E. (eds), Studies in Subjective Probability (New York: John Wiley).Google Scholar
  14. Finetti, B. de (1972) Probability. Induction and Statistics (New York: John Wiley).Google Scholar
  15. Finetti, B. de (1974) Theory of Probability (New York: John Wiley).Google Scholar
  16. Fisher, I. (1892) Mathematical Investigations in the Theory of Value and Prices (Reprinted, New York: A.M. Kelley, 1961).Google Scholar
  17. Fisher, I. (1933) ‘The debt-deflation theory of great depressions’, Econometrica, 1: 337–57CrossRefGoogle Scholar
  18. Fitoussi, J. -P and Velupillai, K. (1986) ‘Rational macroeconomics: a review essay on R.E. Lucas’ “Studies in Business Cycle Theory”’ (unpublished ms.).Google Scholar
  19. Gabisch, G. and Lorenz, H. W. (1987) Business Cycle Theory (Berlin: Springer-Verlag).CrossRefGoogle Scholar
  20. Gibbs, J. W. (1902) Elementary Principles in Statistical Methods Developed with Especial Reference to the Rational Foundations of Thermodynamics (New York: Scribner’s Sons).CrossRefGoogle Scholar
  21. Gill, R. D. (1984) ‘Understanding Cox’s regression model: a martingale approach’, Journal of the American Statistical Association, 79: 441–7.CrossRefGoogle Scholar
  22. Grandmont, J. M. (1985) ‘On endogenous business cycles’, Econometrica, 53.Google Scholar
  23. Halmos, P. R. (1982) A Hilbert Space Problem Book (Berlin: Springer Verlay).CrossRefGoogle Scholar
  24. Holmstrom, B. and Milgrom, P. (1985) ‘Aggregation and linearity in the provision of intertemporal incentives’, report 466, Economic Series (Stanford University).Google Scholar
  25. Jackson, J. R. (1957) ‘Networks of waiting lines’, Operations Research, 5: 518–21.CrossRefGoogle Scholar
  26. Jackson, J. R. (1963) ‘Jobshop-like queueing systems’, Management Science, 10: 131–42.CrossRefGoogle Scholar
  27. Jacobsen, M. (1982) ‘Statistical analysis of counting processes’, Lecture Notes in Statistics, 12: 1–226.CrossRefGoogle Scholar
  28. Kallenberg, O. (1982) ‘A dynamical approach to exchangeability’, in Koch, G. and Spizzichino, F. (eds), Exchangeability in Probability and Statistics (Amsterdam: North-Holland).Google Scholar
  29. Kallenberg, O. (1984) ‘An informal guide to the theory of conditioning in point processes’ International Statistical Review, 52: 151–64.CrossRefGoogle Scholar
  30. Karlin, S. and Studdin, W. J. (1966) Tchebycheff Systems: With Applications in Analysis and Statistics (New York: John Wiley).Google Scholar
  31. Karlin, S. and Taylor, H. M. (1975) A First Course in Stochastic Processes (New York: Academic Press).Google Scholar
  32. Karlin, S. and Taylor, H. M. (1981) A Second Course in Stochastic Processes (New York: Academic Press).Google Scholar
  33. Karr, A. F. (1981) ‘Some inverse problems involving conditional expectations’, Journal of Multivariate Analysis 11: 17–39.CrossRefGoogle Scholar
  34. Kelly, F. P. (1979) Reversibility and Stochastic Networks (New York: John Wiley).Google Scholar
  35. Kelly, F. P. and Pollett, P. K. (1983) ‘Sojourn times in closed queueing networks’, Advances in Applied Probability, 15: 638–56.CrossRefGoogle Scholar
  36. Kingman, J. F. C. (1966) ‘An approach to the study of Markov processes’, Journal of the Royal Statistical Society (B), 28: 417–47.Google Scholar
  37. Kydland, F. E. and Prescott, E. C. (1982) ‘Time to build and aggregate fluctuations’, Econometrica, 50: 1345–70.CrossRefGoogle Scholar
  38. Lai, H. and Tanaka, K. (1982) ‘Non-cooperative n-game with a stopped set’, Journal of Mathematical Analysis and Application, 85: 153–71.CrossRefGoogle Scholar
  39. Lauritzen, S. L. (1982) Statistical Models as Extremal Families (Aalborg University, Denmark).Google Scholar
  40. Lemoine, A. J. (1986) ‘A stochastic network formulation for complex sequential processes’ Naval Research Logistics Quarterly, 33: 431–46.CrossRefGoogle Scholar
  41. Lippman, S. A. and McCall, J. J. (1988) The Economics of Search (Oxford: Basil Blackwell).Google Scholar
  42. Lucas R. E. Jr (1987) Models of Business Cycles (Oxford: Basil Blackwell).Google Scholar
  43. Manuelli, R. and Sargent, T. J. (1988) ‘Models of business cycles: a review essay’ (unpublished ms.).Google Scholar
  44. Massey, W. A. (1984a) ‘Open networks and queues: their algebraic structure and estimating their transient behaviour’, Advances in Applied Probability 16: 176–201.CrossRefGoogle Scholar
  45. Massey, W. A. (1984b) ‘An operator-analytic approach to the Jackson network’, Journal of Applied Probability, 21: 379–93.CrossRefGoogle Scholar
  46. Massey, W. A. (1985) ‘Asymptotic analysis of M(t)/M(t)/1: the time dependent M/M/1 queue’, Mathematics of Operations Research, 10.Google Scholar
  47. McCall, B. P. and McCall, J. J. (1985) ‘A sequential model of migration and job search’, Journal of Labor Economics, 3.Google Scholar
  48. McCall, J. J. (1988a) ‘Economic processes and exchangeability’ (Hoover Institution).Google Scholar
  49. McCall, J. J. (1988b) ‘An introduction to exchangeability and its economic applications’ (Hoover Institution).Google Scholar
  50. Mortensen, D. T. (1986) ‘Job search and labor market analysis’, in Ashenfalter, O. and Layard, R. (eds), Handbook of Labor Economics, vol. II (New York: Elsevier): 849–918.Google Scholar
  51. Norros, I. (1985) ‘Systems Weakened by Failures’, Stochastic Processes and the Applications, 20: 181–96.CrossRefGoogle Scholar
  52. Reiman, M. I. (1984) ‘Open queueing networks in heavy traffic’, Mathematics of Operations Research, 9: 441–58.CrossRefGoogle Scholar
  53. Rosen, S. (1985) ‘Implicit contracts: a survey’, Journal of Economic Literature, 23: 144–75.Google Scholar
  54. Samuelson, P. A. (1952) ‘Spatial price equilibrium and linear programming’, American Economic Review, 42: 283–303.Google Scholar
  55. Shorack, G. R. and Wellner, J. A. (1986) Empirical Processes with Applications to Statistics (New York: John Wiley).Google Scholar
  56. Siegmund, D. (1985) Sequential Analysis (Berlin: Springer-Verlag).CrossRefGoogle Scholar
  57. Speed, I. P. (1986) ‘Cumulants and Partition Lattices II: Generalized k-Statistics’, Journal of the Australian Mathematical Society, A40: 34–53.CrossRefGoogle Scholar
  58. Telser, L. G. (1980 ‘A theory of self-enforcing agreements’, Journal of Business, 53: 27–44.CrossRefGoogle Scholar
  59. Whitt, W. (1984) ‘On approximations for queues, III: mixtures of exponential distributions’. Bell Laboratory Technical Journal, 63: 163–75.CrossRefGoogle Scholar
  60. Whittle, P. (1986) Systems in Stochastic Equilibrium (New York: Wiley)Google Scholar

Copyright information

© Helge Brink 1992

Authors and Affiliations

There are no affiliations available

Personalised recommendations