Individual Forecasting and Aggregate Outcomes - 'Rational Expectations' Examined (Paperback, Revised)

Growing out of a conference on Expectations Formation and Economic Disequilibrium held in New York City in 1981, the papers in this volume provide a complex view of market processes in which individual rationality is no guarantee of convergence to the 'correct' model and the equilibrium coordination of agents' plans. They reject the 'optimality' argument for the rational expectations hypothesis, opening the door to other hypotheses of optimal expectations of agents in the decentralized market economy.

General

Imprint:	Cambridge UniversityPress
Country of origin:	United Kingdom
Release date:	October 1986
First published:	1983
Editors:	Roman Frydman • Edmund S. Phelps
Dimensions:	229 x 152 x 14mm (L x W x T)
Format:	Paperback - Trade
Pages:	250
Edition:	Revised
ISBN-13:	978-0-521-31095-6
Categories:	Books > Business & Economics > Economics > Economic theory & philosophy Books > Science & Mathematics > Mathematics > Probability & statistics
LSN:	0-521-31095-4
Barcode:	9780521310956

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