On the Role of Options in Sunspot Equilibria PDF Download
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Author: Atsushi Kajii
Publisher:
ISBN:
Category :
Languages : en
Pages : 70
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Book Description
Author: Atsushi Kajii
Publisher:
ISBN:
Category :
Languages : en
Pages : 70
Get Book Here
Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 110
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Author: Randall Wright
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
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Author: Roger Guesnerie
Publisher: MIT Press
ISBN: 9780262262903
Category : Business & Economics
Languages : en
Pages : 498
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Book Description
A theoretical assessment of the Rational Expectations Hypothesis through subjecting a collection of economic models to an "eductive stability" test. The rational expectations hypothesis (REH) dominates economic modeling in areas ranging from monetary theory, macroeconomics, and general equilibrium to finance. In this book, Roger Guesnerie continues the critical analysis of the REH begun in his Assessing Rational Expectations: Sunspot Multiplicity and Economic Fluctuations, which dealt with the questions raised by multiplicity and its implications for a theory of endogenous fluctuations. This second volume emphasizes "eductive" learning: relying on careful reasoning, agents must deduce what other agents guess, a process that differs from the standard evolutionary learning experience in which agents make decisions about the future based on past experiences. A broad "eductive" stability test is proposed that includes common knowledge and results in a unique "rationalizable expectations equilibrium." This test provides the basis for Guesnerie's theoretical assessment of the plausibility of the REH's expectational coordination, emphasizing, for different categories of economic models, conditions for the REH's success or failure. Guesnerie begins by presenting the concepts and methods of the eductive stability analysis in selected partial equilibrium models. He then explores to what extent general equilibrium strategic complementarities interfere with partial equilibrium considerations in the formation of stable expectations. Guesnerie next examines two issues relating to eductive stability in financial market models, speculation and asymmetric price information. The dynamic settings of an infinite horizon model are then taken up, and particular standard and generalized saddle-path solutions are scrutinized. Guesnerie concludes with a review of general questions and some "cautious" remarks on the policy implications of his analysis.
Author: R. Arena
Publisher: Edward Elgar Publishing
ISBN: 1847201539
Category : Psychology
Languages : en
Pages : 289
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Book Description
The contributors to this book also suggest the need for a more integrated perspective on the meaning, as well as the role, of knowledge and beliefs in economics in the future. Possible lines of future research such as the extension of the concept of rationality in economics or the focus on cognitive processes in economic action are discussed.
Author: Akihiko Matsui
Publisher:
ISBN:
Category :
Languages : en
Pages : 64
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Author: Piero Gottardi
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Author: Roger D. Lagunoff
Publisher:
ISBN:
Category :
Languages : en
Pages : 52
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Author: David Cass
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Author: Michihiro Kandori
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 52
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