Individual Forecasting and Aggregate Outcomes: 'Rational Expectations' Examined

Frydman, Roman (Editor), and Phelps, Edmund S (Editor)

ISBN 10: 0521257441 / ISBN 13: 9780521257442

Published by Cambridge University Press, New York, 1983

About this Item

Sewn binding. Cloth over boards. 256 p. Audience: General/trade. Very good in very good dust jacket. light shelfwear to the jacket, po name on first page.

Seller Inventory # Alibris.0028085

Bibliographic Details

• Title: Individual Forecasting and Aggregate Outcomes: 'Rational Expectations' Examined
• Publisher: Cambridge University Press, New York
• Publication Date: 1983
• Language: English
• ISBN 10: 0521257441
• ISBN 13: 9780521257442
• Binding: Hard cover
• Edition: First edition.
• Dust Jacket Condition: Dust Jacket Included

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.