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Cambridge University Press Individual Forecasting and Aggregate Outcomes: 'Rational Expectations' Examined

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Description

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.

Product Specifications

Format
paperback
Domain
Amazon UK
Release Date
12 August 2010
Listed Since
02 January 2007

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