Individual Forecasting and Aggregate Outcomes: 'Rational Expectations' Examined

Frydman, Roman/ Phelps, Edmund S. (Editor)

ISBN 10: 0521310954 / ISBN 13: 9780521310956

Published by Cambridge Univ Pr, 1986

About this Item

reprint edition. 256 pages. 8.82x5.98x0.71 inches. In Stock. This item is printed on demand.

Seller Inventory # __0521310954

Bibliographic Details

• Title: Individual Forecasting and Aggregate Outcomes: 'Rational Expectations' Examined
• Publisher: Cambridge Univ Pr
• Publication Date: 1986
• Language: English
• ISBN 10: 0521310954
• ISBN 13: 9780521310956
• Binding: Paperback
• Condition: Brand New
• Weight: 0.37 kilograms

About this title

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.

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.