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World Scientific Publishing Company Uncertainty Within Economic Models: Volume 6 (World Scientific Series In Economic Theory)

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£118.53 £76.50 £85.67 £94.84 £104.01 £113.18 £122.35 23 May 2024 18 October 2024 15 March 2025 10 August 2025 06 January 2026

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40 days 456 days · current 21 days 9 days 15 days 15 days 15 days 23 days 0 114 228 342 456 £80 £81 £83 £93 £94 £114 £116 £119 Days at Price

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Description

Studying this work in real time taught me a lot, but seeing it laid out in conceptual, rather than chronological, order provides even clearer insights into the evolution of this provocative line of research. Hansen and Sargent are two of the best economists of our time, they are also among the most dedicated teachers in our profession. They have once again moved the research frontier, and with this book provide a roadmap for the rest of us to follow. This is a must-have for anyone interested in modeling uncertainty, ambiguity and robustness. Stanley E Zin William R Berkley Professor of Economics and Business Leonard N Stern School of Business New York University This book will be useful for those who deal with econometrics, macroeconomics, and economic models and study uncertainty. Zentralblatt Math Written by Lars Peter Hansen (Nobel Laureate in Economics, 2013) and Thomas Sargent (Nobel Laureate in Economics, 2011), Uncertainty within Economic Models includes articles adapting and applying robust control theory to problems in economics and finance. This book extends rational expectations models by including agents who doubt their models and adopt precautionary decisions designed to protect themselves from adverse consequences of model misspecification. This behavior has consequences for what are ordinarily interpreted as market prices of risk, but big parts of which should actually be interpreted as market prices of model uncertainty. The chapters discuss ways of calibrating agents' fears of model misspecification in quantitative contexts.

Product Specifications

Format
hardcover
Domain
Amazon UK
Release Date
01 December 2014
Listed Since
23 November 2013

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