Bounded Rationality in Macroeconomics

The Arne Ryde Memorial Lectures

By: Thomas J. Sargent

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Paperback | 1 November 1993

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Many developments in economic theory in the 1970s and 1980s depended on the assumption that economic agents make decisions on the basis of `rational expectations' about economic developments, government action, and individual behaviour. These rational expectations are based on experience but how do economic agents behave in new situations in which previous experience is less useful? The concept of `bounded (or limited) rationality' is being developed to analyse behaviour in such situations. Sargent, a distinguished economist and author of two influential advanced economics books, has contributed significantly to the literature and in this book he describes and interprets some of the recent work in the area, especially in statistics and econometrics, and in networks and artificial intelligence. He focuses on a number of examples designed to illustrate the issues involved. He describes two laboratory experiments testing versions of the models and concludes by pointing to some promising applications of the methods surveyed as well as to some of their limitations.

Industry Reviews

`The presentation is lucid and concise ... Those willing to join the search will find no better technical introduction than Sargent's book.' Journal of Economic Literature `A lucid review of recent developments in the theory of "bounded rationality" ... a commendably concise, informative and, above all, interesting account of the very recent literature in dynamic economic theory.' JRSS `The presentation is lucid and concise. Most macroeconomist readers will find the chapter on neural networks, genetic algorithms, and artificial intelligence particularly instructive ... Those willing to join the search will find no better technical introduction than Sargent's book.' Journal of Economic Literature

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The Arne Ryde Foundation	p. v
Acknowledgements	p. vi
Introduction	p. 1
Expectations and Behavior	p. 6
Data Structures	p. 35
Networks and Artificial Intelligence	p. 54
Summary	p. 81
Adaptation in Artificial Economies	p. 82
Experiments	p. 135
References	p. 171
Author Index	p. 181
Subject Index	p. 183
Table of Contents provided by Publisher. All Rights Reserved.

Bounded Rationality in Macroeconomics

The Arne Ryde Memorial Lectures

At a Glance

Paperback

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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