Bounded Rationality in Macroeconomics: The Arne Ryde Memorial Lectures
Oxford University Press, 1993 - 184 Seiten
How do people behave in new situations in which previous experience is not useful? The recent changes in Eastern Europe, for example, are unprecedented and there is not an available model on which to base the mechanisms that will govern the economics in this region. The concept of "bounded (orlimited) rationality" is being developed to analyze behavior in such situations. In this book Thomas Sargent describes and interprets the recent work in the area, especially in statistics, econometrics, networks and artificial intelligence. He focuses on examples designed to illustrate the issuesinvolved and the kinds of questions that are being asked and answered in this research. He points to further potential positive developments of the theory as well as some of its limitations.
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Networks and Artificial Intelligence
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adaptive agents adaptive expectations approximation algorithm Arifovic artificial assume behavior beliefs bounded rationality boundedly rational agents Bray's model chapter classifier system coefficients compute conditional expectation convergence covariance decision rules describe determined econometricians econometrics economists economy encode environment estimate Euler equation example exchange rate Federal Reserve Figure fixed point forecast function genetic algorithm Hopfield network inflation rate initial conditions iteration Kiyotaki law of motion least squares learning linear literature Marcet and Sargent Marimon and Sunder matrix methods neural networks neuron Newton's method no-trade theorem nonlinear optimal orthogonal perceptron period Phillips curve population price level problem rate of return rational expectations dynamics rational expectations equilibrium rational expectations models recursive regime regression rest points return on currency sample saving rates Sims simulated annealing simulation solving stationary equilibrium stochastic approximation stochastic approximation algorithm studied theory tions trade vector autoregression