Exchangeability and non-self-averaging (Articolo in rivista)

Type
Label
  • Exchangeability and non-self-averaging (Articolo in rivista) (literal)
Anno
  • 2012-01-01T00:00:00+01:00 (literal)
Http://www.cnr.it/ontology/cnr/pubblicazioni.owl#doi
  • 10.1007/s11403-012-0090-9 (literal)
Alternative label
  • Ubaldo Garibaldi, Paolo Viarengo (2012)
    Exchangeability and non-self-averaging
    in Journal of economic interaction and coordination (Print); Springer, Berlin (Germania)
    (literal)
Http://www.cnr.it/ontology/cnr/pubblicazioni.owl#autori
  • Ubaldo Garibaldi, Paolo Viarengo (literal)
Pagina inizio
  • 1 (literal)
Pagina fine
  • 22 (literal)
Http://www.cnr.it/ontology/cnr/pubblicazioni.owl#altreInformazioni
  • This work was partially supported by the Italian grant PRIN 2009 \"The growth of firms and countries: distributional properties and economic determinants--Finitary and non-finitary probabilistic models in Economics\". (literal)
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  • http://link.springer.com/article/10.1007%2Fs11403-012-0090-9 (literal)
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  • 7 (literal)
Rivista
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  • 1 (literal)
Note
  • ISI Web of Science (WOS) (literal)
  • Scopu (literal)
Http://www.cnr.it/ontology/cnr/pubblicazioni.owl#affiliazioni
  • IMEM - Sezione di Genova Universit√† di Napoli Federico II (literal)
Titolo
  • Exchangeability and non-self-averaging (literal)
Abstract
  • To pass from a deterministic dynamics of aggregate quantities to a probabilistic dynamics of a system of microvariables that describe the individual strategies of a population of economic agents, the route is that of Boltzmann's kinetic theory at the half of XIX century (more suitable than that of Gibbs' statistical mechanics), that is the introduction of n \"elements\" (molecules, agents,...), submitted to some microdynamics, wherefrom to derive the macroscopic behavior. The macrovariate is interpreted as a (time) mean of the average (on all elements) of the individual study-property at time t. The micro-derivation looks unproblematic if means and averages tend to constant values in the limit n -> ?. If this property, defined \"self-averaging\" in some recent papers by Aoki, holds, it would separate a deterministic result from fluctuations; consequently well defined macroeconomic deterministic relations prevail. However it is easy to show that in most cases in economy this property does not hold, due to long-range correlation existing among economic agents. If individual agents are not independent but exchangeable, also in the limit n -> ? the coefficient of variation of the macrovariable is finite, which tends to a random limit rather than a constant. Finally the term \"indistinguishable agent\" is criticized, and the alternative \"exchangeable agent\" is discussed. (literal)
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