Get Free Shipping on orders over $79
Individual Forecasting and Aggregate Outcomes : 'Rational Expectations' Examined - No Information Available

Individual Forecasting and Aggregate Outcomes

'Rational Expectations' Examined

By: No Information Available

Paperback | 1 December 1986

At a Glance

Paperback


RRP $101.95

$90.75

11%OFF

or 4 interest-free payments of $22.69 with

 or 

Ships in 5 to 7 business days

Growing out of a conference on Expectations Formation and Economic Disequilibrium held in New York City in 1981, the papers in this volume provide a complex view of market processes in which individual rationality is no guarantee of convergence to the 'correct' model and the equilibrium coordination of agents' plans. They reject the 'optimality' argument for the rational expectations hypothesis, opening the door to other hypotheses of optimal expectations of agents in the decentralized market economy.
Industry Reviews
'I recommend the book to economists interested in rational expectations for their own reading and for required reading in the graduate courses they teach.' Journal of Economic Literature 'After reading this excellent, stimulating book the uncommitted reader may well feel that there are several logical or methodological problems which imply that the usual class of models which embodies the rational expectations hypothesis is unattractive as a basis for some form of economic analysis, in particular, macroeconomic policy design ... I suspect that the concept of model theoretic expectations will generate useful insights in the modelling of expectations in a number of areas such as asset markets or arbitrage process. It naturally leads to a consideration of expectations generated as some weighted average of different models. I greatly enjoyed this book and can strongly recommend it.' The Economic Journal

More in Economic Theory & Philosophy

Capital : Volumes One and Two - KARL MARX

RRP $19.99

$15.75

21%
OFF
Debt : The First 5000 Years - David Graeber

RRP $44.99

$35.75

21%
OFF
The Adam Smith Review : Volume 15 - Craig Smith
The Black Swan : The Impact of the Highly Improbable - Nassim Nicholas Taleb
Limitarianism : The Case Against Extreme Wealth - Ingrid Robeyns

RRP $26.99

$22.99

15%
OFF
The Road to Serfdom : Routledge Classics - F.A. Hayek

RRP $31.99

$27.75

13%
OFF
Capital : Volume I - Karl Marx

RRP $45.00

$35.75

21%
OFF
The World According to Star Wars - Cass R. Sunstein

RRP $27.49

$26.75

Capital and Ideology - Thomas Piketty

RRP $70.95

$52.99

25%
OFF
The Undoing Project - Michael Lewis

RRP $26.99

$22.99

15%
OFF
How Europe Underdeveloped Africa - Walter Rodney