Title: Individual Forecasting and Aggregate Outcomes: 'Rational Expectations' Examined
Publisher: Cambridge University Press
Publication Date: 1984
Language: English
ISBN 10: 0521257441
ISBN 13: 9780521257442
Binding: hardcover
Condition: As New

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.

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