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Erschienen in:
2000 | OriginalPaper | Buchkapitel
Self-Organization in Global Stochastic Models of Production and Inventory Dynamics
verfasst von : Sergio Focardi, Michele Marchesi
Erschienen in: Interaction and Market Structure
Verlag: Springer Berlin Heidelberg
Enthalten in: Professional Book Archive
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This paper proposes an extension of the inventory production model developed in Bak, Chen, Scheinkman, and Woodford (BCSW, 1993). We show how the Pareto-Levy type of aggregate distributions emerge in global models as well as in local models. We extend the BCSW model by allowing random connections between firms. The distribution of production in the economy follows a power law probability distribution. In addition, the long-run frequency distribution follows the same law.