Long-Run Growth Rates of Discrete Multiplicative Processes in Markovian Environments

  • Published 2005

Abstract

If the matrix oi pararrreters of a discrete multiplicative process 1s suhecl Cu certain sequentially dependent random perturbations, the long-run growth rate of the average process is not in general bounded above by the largest sup, Ai of the growth rates A, of the individual matrices which drive the process. The growti rate p of the average process may, in… (More)

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