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27 231 Ft
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Product details:
- Publisher Clarendon Press
- Date of Publication 21 October 1993
- ISBN 9780198288695
- Binding Paperback
- No. of pages200 pages
- Size 216x138x15 mm
- Weight 301 g
- Language English
- Illustrations frontispiece, line figures 0
Categories
Short description:
This is a survey of bounded rationality, an area of theoretical macroeconomics which is receiving increased attention. The book is written by a leading macroeconomists who outlines the issues involved, describes some of the analytic tools that are being used and shows how they can be applied in a range of models. It points to further potentual positive developments of the theory as well as some of its limitations.
MoreLong description:
Many developments in economic theory in the 1970s and 1980s depended on the assumption that economic agents make decisions on the basis of `rational expectations' about economic developments, government action, and individual behaviour. These rational expectations are based on experience but how do economic agents behave in new situations in which previous experience is less useful? The concept of `bounded (or limited) rationality' is being developed to analyse behaviour in such situations.
Sargent, a distinguished economist and author of two influential advanced economics books, has contributed significantly to the literature and in this book he describes and interprets some of the recent work in the area, especially in statistics and econometrics, and in networks and artificial intelligence. He focuses on a number of examples designed to illustrate the issues involved. He describes two laboratory experiments testing versions of the models and concludes by pointing to some promising applications of the methods surveyed as well as to some of their limitations.
The presentation is lucid and concise ... Those willing to join the search will find no better technical introduction than Sargent's book.
