Bounded Rationality in Macroeconomics: The Arne Ryde Memorial LecturesClarendon 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. |
Im Buch
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Seite 15
... models of monies , prices , and exchange rates provide examples of some impor- tant methodological issues involving the construction and ap- plication of rational expectations models . First , notice how an equilibrium was constructed ...
... models of monies , prices , and exchange rates provide examples of some impor- tant methodological issues involving the construction and ap- plication of rational expectations models . First , notice how an equilibrium was constructed ...
Seite 21
The Arne Ryde Memorial Lectures Thomas J. Sargent. Bounded rationality Behavioral aspects of rational ... models are implemented in practice . Rational expectations equilibrium as a ... rationality 21 Bounded rationality Behavioral aspects of ...
The Arne Ryde Memorial Lectures Thomas J. Sargent. Bounded rationality Behavioral aspects of rational ... models are implemented in practice . Rational expectations equilibrium as a ... rationality 21 Bounded rationality Behavioral aspects of ...
Seite 26
... rational differentially informed agents . This is but one example of a class in which it ... rational expectations might not give us enough flexibil- ity to model all of the dynamics in the data , and in which resort- ing to adaptive models ...
... rational differentially informed agents . This is but one example of a class in which it ... rational expectations might not give us enough flexibil- ity to model all of the dynamics in the data , and in which resort- ing to adaptive models ...
Inhalt
INTRODUCTION | 1 |
DATA STRUCTURES | 35 |
Estimated parameters | 45 |
Urheberrecht | |
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Bounded Rationality in Macroeconomics: The Arne Ryde Memorial Lectures Thomas J. Sargent Keine Leseprobe verfügbar - 1993 |
Häufige Begriffe und Wortgruppen
adaptive agents adaptive expectations approximation algorithm Arifovic assume behavior beliefs bounded rationality boundedly rational agents Bray's model 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 G₁ 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 simulation solving stationary equilibrium stochastic approximation stochastic approximation algorithm stochastic process studied theory tions trade vector autoregression w₁
Verweise auf dieses Buch
Bounded Rationality: The Adaptive Toolbox Gerd Gigerenzer,Reinhard Selten Eingeschränkte Leseprobe - 2002 |