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Individual Forecasting and Aggregate Outcomes

Name: Individual Forecasting and Aggregate Outcomes
Brand: Cambridge University Press
SKU: 02027324
Price: 27369 HUF
Availability: InStock
Author: Roman FrydmanEdmund S. Phelps
ISBN: 9780521310956

'Rational Expectations' Examined

Roman FrydmanEdmund S. Phelps

Language

English

Book Paperback

Libristo code: 02027324

Publishers Cambridge University Press, October 1986

Growing out of a conference on Expectations Formation and Economic Disequilibrium held in New York C... Full description

Libristo code: 02027324

183 b

27 369 Ft

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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.