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Individual Forecasting and Aggregate Outcomes

By: Roman Frydman (Author) , Edmund S. Phelps (Author)

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Ksh 11,300.00

Format: Paperback or Softback

ISBN-13: 9780521310956

Publisher: Cambridge University Press

Publication Date: Oct 2nd, 1986

Weight: 344 grams

Dimension: 22.40 x 15.60 x 1.20 cms

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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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