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Synopsis
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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Book Description
Based on a conference on Expectations Formation and Economic Disequilibrium, this set of papers provides a complex view of market processes and sheds new light on the rational expectations hypothesis.
About the Author
Roman Frydman is professor of economics at New York University and the coauthor or coeditor of many books, including "Individual Forecasting and Aggregate Outcomes: "Rational Expectations" Examined." Michael D. Goldberg is associate professor of economics at the University of New Hampshire. His articles on international finance and macroeconomics have appeared in "Economic Journal" and "Journal of International Money and Finance."
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Individual Forecasting and Aggregate Outcomes: 'Rational Expectations' Examined
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Individual Forecasting and Aggregate Outcomes: 'Rational Expectations' Examined
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Individual Forecasting and Aggregate Outcomes
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INDIVIDUAL FORECASTING AND AGGREGATE OUTCOMES : RATIONAL EXPECTATIONS EXAMINED
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