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Endogenous Economic Fluctuations : Studies in the Theory of Rational Beliefs - Mordecai Kurz

Endogenous Economic Fluctuations

Studies in the Theory of Rational Beliefs

By: Mordecai Kurz (Editor)

Hardcover Published: 21st August 1997
ISBN: 9783540626121
Number Of Pages: 356

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This volume presents a new theory of expectations called "rational beliefs". Contrary to the standard theory which views the origin of uncertainty as being exogenous to the economic system, the theory of rational beliefs holds that a crucial component of social risk and economic fluctuations is endogenously propagated by variations in the state of beliefs of market participants. One part of the book provides an exposition of the foundation of the theory of rational beliefs. A second part explores the structure of general equilibrium models in which market participants hold rational beliefs. The "Applications" part of the book studies the behaviour of asset prices and rates of return on financial assets. It seeks to demonstrate that endogenous uncertainty provides a uniform paradigm for the study of economic fluctuations.

Preface
Endogenous economic fluctuations and rational beliefs: A general perspectivep. 1
On the structure and diversity of rational beliefsp. 39
On some topological properties of stable measuresp. 69
Ergodic properties of conditional forecast functions of stable systemsp. 93
On rational belief equilibriap. 103
Rational belief structures and rational belief equilibriap. 121
Endogenous uncertainty in a general equilibrium model with price contingent contractsp. 145
Constructions of a state space for interrelated securities with an application to temporary equilibrium theoryp. 173
Asset prices with rational beliefsp. 211
Coordination and correlation in Markov rational belief equilibriap. 251
The equity premium is no puzzlep. 283
On the volatility of foreign exchange ratesp. 317
Indexp. 353
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9783540626121
ISBN-10: 3540626123
Series: Studies in Economic Theory (Berlin, Germany).
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 356
Published: 21st August 1997
Publisher: Springer-Verlag Berlin and Heidelberg Gmbh & Co. Kg
Country of Publication: DE
Dimensions (cm): 24.13 x 15.88  x 2.54
Weight (kg): 0.66