Ignorance and Uncertainty (Paperback)

Born of a belief that economic insights should not require much mathematical sophistication, this book proposes novel and parsimonious methods to incorporate ignorance and uncertainty into economic modeling, without complex mathematics. Economics has made great strides over the past several decades in modeling agents' decisions when they are incompletely informed, but many economists believe that there are aspects of these models that are less than satisfactory. Among the concerns are that ignorance is not captured well in most models, that agents' presumed cognitive ability is implausible, and that derived optimal behavior is sometimes driven by the fine details of the model rather than the underlying economics. Compte and Postlewaite lay out a tractable way to address these concerns, and to incorporate plausible limitations on agents' sophistication. A central aspect of the proposed methodology is to restrict the strategies assumed available to agents.

General

Imprint:	Cambridge UniversityPress
Country of origin:	United Kingdom
Series:	Econometric Society Monographs
Release date:	December 2018
Authors:	Olivier Compte • Andrew Postlewaite
Dimensions:	228 x 152 x 17mm (L x W x T)
Format:	Paperback - Trade
Pages:	300
ISBN-13:	978-1-108-43449-2
Categories:	Books > Reference & Interdisciplinary > Communication studies > Research methods Books > Science & Mathematics > Mathematics > Probability & statistics Books > Business & Economics > Economics > Econometrics > General Books > Science & Mathematics > Mathematics > Optimization > Game theory
LSN:	1-108-43449-5
Barcode:	9781108434492

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