A Stochastic Cobweb Dynamical Model

Figure 1

Probability distributions after 𝑚-time steps obtained using function (3.3) with 𝜇=2, 𝛾=0.5, 𝑞=0.6 and initial condition 𝑃₀=2 with probability one, that is 𝜋_𝑖(0)=𝛿_𝑖,2,𝑖=1,2,…,11.

(a)

(b)

(c)