## A Discrete-stochastic Model of Economic Production and a Model of Production Fluctuations-theory and Empirical Evidence |

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### Contents

FLUCTUATIONS IN PRODUCTIONTHEORY AND EMPIRI | 60 |

Entropic Fluctuations and NonUniformity in Natural | 77 |

Footnotes | 92 |

12 other sections not shown

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### Common terms and phrases

acres analyzed approach assume average production behavior BOPD California Wheat Farms chapter characterized chemical potential chemical reactions comparative static concave technology consider constraints continuum decreases defined derivative discrete discussed distribution based diversity measure dynamics E.T. Jaynes economic models economic production process empirical analysis equality equations estimate example excess entropy production existence Figure Gini Gini coefficient given Hence imitation implies increase investigate irreversible processes Lagrange multipliers large number linear technology Lyapounov function maximization natural fluctuations natural resources Nicolis and Prigogine nonequilibrium normally distributed PARTIAL AUTOCORRELATION physicochemical systems possible Prigogine 1980 prob probable economic production economy production function production index function quantities quantum random rational expectations reaction rate Reiss relationship represents resource differences result second law second order term set of endogenous shown shows small entropic fluctuations small firms small fluctuations specific stability sunspots Taylor series theoretical theory thermodynamic equilibrium tion variables