Individual Forecasting and Aggregate Outcomes : 'Rational Expectations' Examined
Book Details
Format
Hardback or Cased Book
ISBN-10
0521257441
ISBN-13
9780521257442
Publisher
Cambridge University Press
Imprint
Cambridge University Press
Country of Manufacture
US
Country of Publication
GB
Publication Date
Jan 27th, 1984
Print length
256 Pages
Weight
51 grams
Product Classification:
Economic theory & philosophy
Ksh 6,750.00
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The papers in this volume provide a complex view of market processes.
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.
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