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Expectations, Rationality and Economic Performance - Models and Experiments (Hardcover, illustrated edition)
Loot Price: R2,844
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Expectations, Rationality and Economic Performance - Models and Experiments (Hardcover, illustrated edition)
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This book offers a broad perspective on the economics of
expectations. Experimental studies are used to analyse how human
bounded rationality affects economic performance. The challenges
posed for policy making are also addressed. Tobias Rotheli begins
by presenting the basic tools and theoretical models necessary to
our understanding of rational and boundedly rational expectations
and their role in economic life. Key topics discussed include
expectations in general equilibrium theory, probabilities and
expected utility, heterogeneity of economic agents, behavioural
alternatives to forecasting and the effects of expectations
heuristics, particularly in financial markets. The author then goes
on to explore the fascinating insights behavioural economics - the
empirical analysis of economic decision making - has to offer. Here
experimental studies illustrate the effects of costly information,
the role of pattern recognition as basis of expectations,
anticipation and coordination failures, and the role of
expectations in determining the general price level. The book also
addresses the implications of the experimental findings for applied
economics. Aiming to achieve the accessibility of a textbook, this
research monograph will appeal to economic researchers interested
in economic behaviour and theory, as well as students taking
upper-level undergraduate and graduate courses. It will also be of
interest to economists working in business and government.
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