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 (or limited) 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 issues involved 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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