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Individual Forecasting and Aggregate Outcomes: 'Rational Expectations' Examined

Edmund S. Phelps, Roman Frydman

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ISBN 10: 0521257441 / ISBN 13: 9780521257442
Published by Cambridge University Press, 1984
Used Condition: Good
From Better World Books (Mishawaka, IN, U.S.A.)

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Former Library book. Shows some signs of wear, and may have some markings on the inside. Bookseller Inventory # GRP11967551

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Bibliographic Details

Title: Individual Forecasting and Aggregate ...

Publisher: Cambridge University Press

Publication Date: 1984

Book Condition:Good

About this title


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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