Individual Forecasting and Aggregate Outcomes : 'Rational Expectations' Examined
Book Details
Format
Paperback / Softback
ISBN-10
0521310954
ISBN-13
9780521310956
Publisher
Cambridge University Press
Imprint
Cambridge University Press
Country of Manufacture
GB
Country of Publication
GB
Publication Date
Oct 2nd, 1986
Print length
250 Pages
Weight
344 grams
Dimensions
22.40 x 15.60 x 1.20 cms
Product Classification:
Economic theory & philosophyProbability & statistics
Ksh 9,200.00
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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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