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9780521257442

Individual Forecasting and Aggregate Outcomes: "Rational Expectations" Examined - Roman Frydman - Hardcover

Individual Forecasting and Aggregate Outcomes: "Rational Expectations" Examined - Roman Frydman - Hardcover

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Product details

  • ISBN-13: 9780521257442
  • ISBN: 0521257441
  • Publisher: Cambridge University Press

AUTHOR

Frydman, Roman, Phelps, Edmund S.

SUMMARY

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.Frydman, Roman is the author of 'Individual Forecasting and Aggregate Outcomes: "Rational Expectations" Examined - Roman Frydman - Hardcover' with ISBN 9780521257442 and ISBN 0521257441.

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